FCA needs £30m extra for Brexit but the real cost will be higher still

Work is being put on hold, but while the FCA says its day to day activities will continue a bomb like Brexit will inevitably hit activities beyond those considered to be low priority
Brexit has already collectively cost the citizens of this country billions, and the bills keep on coming in. One of them is from the Financial Conduct Authority (FCA), which says it needs an extra £30m to deal with the thing this year.
It’s true that that sum represents little more than a rounding error compared to the overall cost, and the City provides the funding for its regulator, so that might not seem like such a big deal. But it is.
Y’see, while some of the money will come from an extra levy on regulated businesses, and some will come out of the watchdog's reserves, and some will come from new firms it will take on the role of supervising, there will still be a gap representing just under half of that.
Read more Public backs fresh referendum to have 'final say' on Brexit deal ..

Hungary Election Gives Orban Big Majority, and Control of Constitution

Hungary Election Gives Orban Big Majority, and Control of Constitution Photo Voters outside a polling station in the Ujbuda district of Budapest on Sunday. Credit Marton Monus/MTI, via Associated Press BUDAPEST, Hungary — Prime Minister Viktor Orban of Hungary, who has set about transforming this former Soviet bloc member from a vibrant democracy into a semi-autocratic state under one political party’s control, appeared to have won a sweeping victory in national elections on Sunday, with 93 percent of the vote counted.
By securing two-thirds of the seats in Parliament, Mr. Orban’s party, Fidesz — along with its ally, the Christian Democrats — now has the power to change the Constitution and further bend the nation to his will.
“Hungary won a big victory,” Mr. Orban told a crowd of supporters gathered on the bank of the Danube just before midnight. He added that there was still “a big fight ahead” but that the parliamentary majority would allow him to continue to protect Hungary.
Gabor ..

French Connection share price jumps as it unveils plans to sell premium lifestyle brand Toast

French Connection said the sale may enable it to start paying dividends to shareholders again
Shares in fashion retailer French Connection jumped almost 20 per cent on Monday morning, after the group revealed plans to sell Toast for £23.3m and said the deal may allow it to start paying a dividend again.
French Connection is selling its 75 per cent holding in the brand along with Toast founders Jamie and Jessica Seaton, who are selling their 25 per cent stake, to Bestseller United, which owns a range of retailers including Jack & Jones and Vero Moda.
Read more Toast Of The Town: The artisanal lifestyle brand turns 15 The group said it expects the deal to result in net cash proceeds of £13.9m for French Connection, after the payment of management exit awards, the amounts due to the Seatons under the terms of the shareholders' agreement, and transaction costs.
The company added: “Should the disposal be achieved the company will review its ongoing dividend policy with a view ..

World's 'big four' accounting firms face £10m fines for serious breaches

The FRC is cracking down on PwC, KPMG, EY and Deloiite for poor audit work
The world’s Big Four accounting firms will face potential fines of £10m or more for serious rule breaches from June, double the record penalty to date.
The Financial Reporting Council (FRC) said on Monday that it has accepted the findings of a study in November by former judge Christopher Clarke, which recommended much bigger fines for serious misdeeds by the world’s biggest accountants.
Larger fines are part of the FRC’s push to bolster its credibility after being heavily criticised by MPs for being too slow to take on the big accountants caught up in company scandals.
Read more PwC’s Carillion role looks like ‘massive conflict of interest’ says MP
Under the FRC’s disciplinary procedure, it sets out a case against an auditor or individual accountant at an independent tribunal before asking the tribunal to set a fine at a specific level. The record amount agreed by a tribunal so far is £5.1m for PwC ove..