View more on these topics

West Brom denies reports of accounts problems

West Bromwich has refuted reports that its accounts are being held back by KPMG.

Yesterday, the Telegraph reported that KPMG has delayed signing off West Bromwich’s imminent 2008 reports due to difficulties in the accounts.

The newspaper said KPMG was believed to have been in talks with the FSA after it decided that there were concerns regarding the building society’s balance sheet strength.

But West Brom has refuted the reports. The accounts were initially expected this week, but it says the account timetable is continuing on a new schedule due to the appointment of a new finance director, and the results will be released in mid-June.

A spokesman says: “The timetable has been set by our new finance director, Jonathan Westhoff, who joined the society on May 5, after our year-end.”

“The audit is ongoing and there will be no conclusions until it has been completed, and once KPMG has met with West Bromwich’s directors.


World is finding a new balance

Since our last contribution to this column at the beginning of March titled, Markets can go up as well as down, risk assets around the globe have soared. At the time, we commented that if reflationary policies undertaken by government authorities are seen as taking hold, equity markets and other risky assets would likely enjoy an explosive rally. The flip-side, of course, was that safe-haven assets like government bonds would get crushed.

Myners hits out at EC proposals

City minister Lord Myners has hit out at the European Commission’s proposals for financial regulation, over concerns they will take control away from the UK’s national supervisors.

A shore thing

Over the past few weeks, I have been looking at the impact of the proposed 2009 Budget changes to income tax – notably the introduction of a top rate of 50 per cent and the removal of higher- rate tax relief for pension contributions made by those with incomes of more than 150,000. I have also been reviewing the alternatives to pension investments, focusing on investments whose taxation treatment will be affected by the Budget.

Cru bids to asset manage CF Arch fund range

Cru founder Jon Maguire says the firm plans to become an asset manager in a bid to take on the direct fund management of the £350m CF Arch cru fund range.Maguire says the firm will present the idea to the FSA and administrator Capita due to fears that current manager Arch may not be up […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm