EY News

Big 4 Accounting Firms Should Separate Auditing, Consulting Work: UK Lawmakers

The “Big Four” accounting firms should be forced to legally separate their “cash cow” consulting work from their auditing businesses, a U.K. Parliament committee said Tuesday. PricewaterhouseCoopers, Deloitte, EY and KPMG — which between them control more than 90 percent …

Brexit Begins to Hit UK Financial Services as EU Counterparts See Big Gains: Study

Britain’s financial-services industry is suffering a drop in foreign investment while some of its European counterparts enjoy big gains, according to a new study that shows the starkest indication yet of Brexit’s impact on the sector. Investment from abroad in …

First Blockchain for Marine Insurance Now Running

A blockchain that is said to be the first for $30 billion marine insurance is now in commercial use, according to a coalition of technology, insurance, marine and consulting businesses. EY, Guardtime, A.P. Møller-Maersk, Microsoft and insurance partners Willis Towers …

Some U.K. Professional Firms ‘Understate’ Gender Pay Gap as New Data Law Looms

U.K. politicians are demanding law and accounting firms revise figures on how male and female staff are remunerated amid criticism that their partnership structures let them understate the gender pay gap. British companies with more than 250 employees have until …

UK Accounting Regulator Urged to Slap Larger Fines on ‘Big Four’ Firms

Misdeeds by the world’s “Big Four” accounting firms should be punished with much bigger fines, Britain’s accounting watchdog was advised in a report released on Tuesday. “Fines greater than those that have heretofore been imposed may be appropriate in really …

Allianz Develops Blockchain Prototype for Captive Insurance Program

Allianz Global Corporate & Specialty SE (AGCS) has successfully trialed blockchain technology for a global captive insurance program, which facilitates cash transfers between countries. AGCS’s Allianz Risk Transfer (ART) business has teamed up with EY (Ernst & Young) as blockchain …

EY, Maersk and Microsoft Create Blockchain-Based Marine Insurance Platform

Consultancy EY, data security firm Guardtime, Microsoft and ship operator Maersk have joined to build a blockchain-based marine insurance platform that will be the first real-world use of the nascent technology in the shipping industry. EY and Guardtime said the …

More Than 25% of UK Financial Firms Make Plans for EU HQs on Brexit: EY

More than a quarter of major U.K. financial services firms have said they will move staff or operations abroad, or are reviewing their domicile because of Brexit, according to consulting firm EY. That’s a 50 percent increase this year in …

China’s Ant Financial Raises Bid for Fintech Firm, MoneyGram, by 36%

China’s Ant Financial has sweetened its bid for MoneyGram International Inc by 36 percent, beating a rival offer to gain approval from the U.S. electronic payment firm’s board, although it still faces regulatory hurdles. Ant, the finance affiliate of Alibaba …