The Financial Services Authority (FSA) has agreed with the British Bankers’ Association (BBA) and Building Societies Association (BSA) changes to industry practice. These will help reduce the risk that cheques made payable just to a bank or building society can be intercepted by a fraudster and paid into his or her account. Following a recent incident of this kind, the FSA entered into discussions with the industry on how best to change cheque handling practices. As a result, the banks and building societies have decided that from 30 September 2006, the industry will, in a range of circumstances, stop accepting cheques made payable simply to a financial institution. From next year, people will need to add further details, such as the name of the person whose account is to be credited, to the payee line of cheques that are payable to a bank or building society.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.