Public purse enjoys fruit of bank failings
Bank fines may have helped the public finances - but auditors and accountants will be tasked with ensuring such problems are not repeated.
They say every cloud has a silver lining - and that is true for taxpayers unhappy at the way things have gone with britain's banks in recent years.
It may please some to see that the penalties levied on banks for illegal activities in manipulating currency markets have at least helped make an impact in Britain's still huge debt.
The government came into office pledging to eliminate the structural deficit by the end of the parliament, something it has not managed to do, while the actual level of debt itself remains very high. Indeed, the last forecast from the Office for Budget Responsibility raised the borrowing forecast.
However, the latest Office for National Statistics data has revealed there was a ten per cent drop in public sector net borrowing in November to £14.1 billion, compared with the figure during the same month in 2013. overall public borrowing between April and November was down by 0.6 per cent year-on-year to £75.8 billion.
The penalties levied on banks for manipulating rates contributed £1.1 billion to this figure. HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America were all fined by the UK and US authorities over their actions.
While that may please those with a dim view of the banks in general after the events of recent years, it underlines the importance to financial institutions of making sure they have the right accounting practices in place, with good auditing being important to help root out any malpractice before it leads to serious trouble for financial institutions.
Speaking about the fines as they were imposed earlier this month, Financial Conduct Authority (FCA) chief executive Martin Wheatley said: "The FCA does not tolerate conduct which imperils market integrity or the wider UK financial system.
"Today's record fines mark the gravity of the failings we found and firms need to take responsibility for putting it right. They must make sure their traders do not game the system to boost profits or leave the ethics of their conduct to compliance to worry about."
Signup to receive the latest discipline specific articles
Related articles
Teaser
GovernanceContent Type
Fintech
18/04/24
Summary
The role of risk and compliance in financial services As a sizeable, growing portion of the financial services sector, risk and compliance play a vital role in ensuring that firms conduct busine
by
David Clamp
Teaser
Executive SearchContent Type
General
18/04/24
Summary
Private equity (PE) is a growing industry that has always attracted ambitious top talent due to its high risk/high gain capital investment. Pre-covid, we saw the global private equity industry b
by
Tracey Alper
Teaser
Commerce & IndustryContent Type
General
18/04/24
Summary
What is financial contracting? Financial contracting refers to the practice of hiring finance professionals on a contractual basis to fulfil specific roles or projects within an orga
by
Kelvin Murphy
Related jobs
Salary:
£250 - £300 per day
Location:
Leeds, West Yorkshire
Industry
Healthcare
Qualification
None specified
Market
Commerce & Industry
Salary
£250 - £350
Job Discipline
Treasury
Contract Type:
Permanent
Description
Treasury Manager - Flexible Working - 3 months - could extend to 12 months - £250 - £300 per day
Reference
BBBH180077
Expiry Date
01/01/01
Author
Ben ShapiroAuthor
Ben ShapiroSalary:
£35,000 - £42,000 per annum
Location:
Sheffield, South Yorkshire
Industry
Business Services
Qualification
Finalist / Newly qualified
Market
Financial Services
Salary
£40,000 - £50,000
Job Discipline
Newly Qualified Finance
Contract Type:
Permanent
Description
Are you passionate about making a difference in the lives of others? I'm working with a charity who are looking for a part-time Finance Manager.
Reference
BBBH180040
Expiry Date
01/01/01
Author
Dean FollandAuthor
Dean FollandSalary:
Negotiable
Location:
Portsmouth, Hampshire
Industry
Manufacturing
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Marks Sattin has partnered with a global automation organisation to recruit a Financial Controller. This is an interim role that will be required for a minimum of three months with likely extension.
Reference
JAR2806
Expiry Date
01/01/01
Author
Julia AruciAuthor
Julia AruciSalary:
£150,000 - £170,000 per annum + Equity, bonus and benefits
Location:
Essex
Industry
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a PE-backed multisite product-led distribution business
Reference
TA 3249
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £120,000 per annum
Location:
Bolton, Greater Manchester
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Exciting Finance Director role paying between £100,000 and £120,000 working for a PE backed retail and distribution business based in Bolton.
Reference
BBBH180076
Expiry Date
01/01/01
Author
Nathan JonesAuthor
Nathan JonesSalary:
€60 - €70 per hour
Location:
Ouder-Amstel, North Holland
Industry
Professional Services
Qualification
Part qualified
Market
Commerce & Industry
Salary
£350 - £450
Job Discipline
Tax
Contract Type:
Contract
Description
Interim Tax Specialist
Reference
BBBH180073
Expiry Date
01/01/01
Author
Elisa BeckschebeAuthor
Elisa BeckschebeSalary:
£30,000 - £35,000 per annum
Location:
Warminster, Wiltshire
Industry
Consumer & Retail
Qualification
Part qualified
Market
Commerce & Industry
Salary
£35,000 - £40,000
Job Discipline
Newly Qualified Finance
Contract Type:
Contract
Description
Financial Accountant. This is a 12 month FTC offering between 30-35k. The role would be a to support the wider finance management team and specifically within the FP&A side of the organisation.
Reference
BBBH180050
Expiry Date
01/01/01
Author
Ali ArslanAuthor
Ali ArslanSalary:
Up to £26,000 per annum
Location:
Blackburn, Lancashire
Industry
Consumer & Retail
Qualification
None specified
Market
Commerce & Industry
Salary
£25,000 - £30,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Contract
Description
German speaking Accounts Payable Specialist | Blackburn | 12 month Contract | £26,000
Reference
BBBH180069
Expiry Date
01/01/01
Author
Evie CoatesAuthor
Evie CoatesSalary:
£40,000 - £60,000 per annum
Location:
Henley-On-Thames, Oxfordshire
Industry
Professional Services
Qualification
None specified
Market
Professional Services
Salary
£60,000 - £70,000
Job Discipline
External Audit
Contract Type:
Permanent
Description
Audit Senior (part qualified or qualified) - Henley-On-Thames (Hybrid) - £40,000 to £60,000
Reference
BBBH180067
Expiry Date
01/01/01
Author
Neil BurtonAuthor
Neil BurtonSalary:
€2,500 - €3,200 per month
Location:
Amsterdam, North Holland
Industry
Professional Services
Qualification
Finalist / Newly qualified
Market
Professional Services
Salary
£30,000 - £35,000
Job Discipline
Newly Qualified Finance
Contract Type:
Contract
Description
Heb jij een achtergrond in backoffice werkzaamheden of lichte financiële administratieve ervaring en wil je graag de kans krijgen om je verder te specialiseren? Dit is dan je kans!
Reference
BBBH179236
Expiry Date
01/01/01
Author
Elisa BeckschebeAuthor
Elisa Beckschebe