PwC in the Midlands

Being better informed: financial regulatory, accounting and audit bulletin: May 2013

PwC — Fri, 17 May 2013 15:41:38 +0100

We are now into the second quarter of 2013, and the pace of new regulatory developments and publications continues relentlessly. In April the Basel Committee published a progress report on how countries are getting on with implementing Basel II and Basel III. The report is positive, noting many countries have either implemented Basel III or are taking steps to implement Basel III in the near future (e.g. CRD IV in Europe). In other developments:

The Financial Stability Board published a progress report in April, looking at how countries are getting on with reforming the global derivatives market.
The International Organisation of Securities Commissions published a consultation looking at how retail structured products are regulated.
Money market funds (MMFs) were a focus of the European Securities and Markets Authority (ESMA) in April when it published its peer review, which focuses on how Member States have implemented guidelines on MMFs and how they supervise MMFs.
In April ESMA also published its final draft regulatory technical standards on determining types of AIFM.
Now that the new UK’s new regulators are active, the Financial Conduct Authority and Prudential Regulation Authority decided it was time to let us know how much they will cost us in 2013/14. The outcome is a proposed 15% higher funding requirement than 2012/13. Time will tell whether this is money well spent or not.
Finally, the Parliamentary Commission on Banking Standards published its report into HBOS’ failure, calling it an accident waiting to happen.

This month’s feature article focuses on the new conduct agenda at the Financial Conduct Authority.

To access the full bulletin please click on this link

Previous editions:

Tell the whole tax story: It's more than just numbers

PwC — Fri, 17 May 2013 14:22:10 +0100

Why are more and more companies talking about their total tax contribution?

Tax and transparency is under more scrutiny than ever by politicians, regulators, the media, civil society and investors.

CEOs tell us that tax issues are the top threat to business growth in today’s economy. And we expect tax to become a much bigger driver of companies' reputation and brand health.

So failing to communicate tax strategy clearly is an increasing risk to public trust; yet 38% of leading companies we surveyed still don’t talk about their governance or oversight of tax.

Stakeholders do not get a clear sense of a company’s total tax contribution from corporation tax alone - it is just one of 24 business taxes in the UK. Yet only 34% of companies with the best tax reporting mention taxes other than corporation tax.

Download our full report below and spend 12 minutes finding out how you can help prevent a lack of tax transparency damaging trust in your organisation.

Download: Tell the whole tax story

View other publications in the 12 tips series: Strategy - have a backbone

If you'd like to find out more about how we can help with your total tax contribution, you can contact Stuart Wallace, Tel: +44 (0) 121 265 6555.

A tale of two businesses: creating value by removing complexity

PwC — Fri, 17 May 2013 12:03:04 +0100

Removing complexity creates an organisation that’s agile and can respond efficiently and effectively to market changes. They also know how their people, processes and systems add value to customers and the business. This can be challenging to get right, but the benefits are significant and will ultimately lead to improved business resilience and growth that outstrips the market.

In this brief introductory video 'A tale of two businesses', we show how addressing the complexity issue, will improve the performance of your operations, reduce your costs and give your customers a better experience. This creates a real opportunity to deliver business value and set you on course for a platform for growth.

This is part of our series highlighting how businesses can benefit from increased growth and revenues through improved efficiency and agility. Read more articles >