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RSM Tenon drops PwC as auditors

RSM Tenon Group has dropped PricewaterhouseCoopers as its auditor following a shareholder vote at the firm’s annual general meeting.

The two firms are currently embroiled in a row over the quality of PwC’s auditing which RSM Tenon says led to private equity firm HgCapital withdrawing a £140m offer for the firm.

HgCapital said it had “completely lost confidence in Tenon’s historic and current financial statements together with Tenon’s ability to forecast its future finances”.

Around 64 per cent of RSM Tenon’s shareholders voted against re-appointing PwC.

A statement from RSM Tenon says: “Resolution 9, to re-appoint PricewaterhouseCoopers LLP as auditors of the Company until the conclusion of the Company’s next AGM, was not approved. As indicated in the Annual Report dated 17 October 2012, the Board has considered whether to hold an audit tender process this financial year.

“Since then the board has decided to start this process. This will enable new auditors to be appointed well in advance of the year end to 30 June 2013.”


M&G’s Woolnough on corporate bond liquidity

M&G fund manager Richard Woolnough says corporate bond liquidity is not quite as low as people may believe. Woolnough says while dealer inventories have shrunk, daily volumes are on par with where they were in 2007, when markets were exceptionally liquid. He says: “There is an indication from looking at primay dealer positions in corporates […]


Ian Naismith: Have pensions ever been dynamic and exciting?

The title of the Government’s paper ‘Reinvigorating workplace pensions’ made me wonder what golden age we are trying to return to when pensions were dynamic and exciting. The only time I can remember a real public buzz around workplace pensions was in the late 1980s when contracting-out offered ‘free’ money from the Government into our […]


AS 2012: Osborne confirms Isa limit increase to £11,520

Chancellor George Osborne has announced plans to raise the Isa limit to £11,520 from next April. The limit had been due to raise in line with inflation; the Isa limit rose by £600 in the previous tax year from £10,680 to £11,280. The Isa limit was indexed to inflation for the first time in June […]


FSA consults on FCA product intervention powers

The FSA is consulting on how the Financial Conduct Authority will use its product intervention powers to make temporary rule changes before conducting a formal consultation. The Financial Services bill specifically includes this power as part of the FCA’s toolkit. The FSA is consulting on its successor body’s behalf so that the FCA’s approach is […]

Bonds in 2017: Stick or twist?

Royal London Asset Management Bond Fund Managers Paola Binns and Craig Inches look at why short duration could be a key tactic for fixed income investors during 2017. Read the full article here The value of investments and the income from them is not guaranteed and may go down as well as up and investors […]


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