News That Matters

Tag: watchdog

New rules are gutting consumer watchdog group from the inside, legal experts say

New rules are gutting consumer watchdog group from the inside, legal experts say

Finance
Kathy Kraninger, director of the Consumer Financial Protection Bureau.Andrew Harrer | Bloomberg | Getty ImagesThe agency created in the wake of the 2008 financial crisis to protect consumers from abuse is being gutted from the inside, according to some consumer advocates and legal experts.A new enforcement policy at the Consumer Financial Protection Bureau is the most recent example of an agency drifting away from its mission to police Wall Street's bad actors, these advocates say.The CFPB announced Jan. 24 that it is changing the way it oversees and punishes abusive practices by financial firms. Perhaps most significantly, the watchdog will impose financial penalties, such as fines, in more limited circumstances and will require a cost-benefit analysis before investigating wrongdoing.The ...
Audit watchdog in secret talks to bolster ‘challengers’

Audit watchdog in secret talks to bolster ‘challengers’

Business
Major British companies will be forced to ring-fence a substantial proportion of their audit work for challenger firms outside the "big four" under secret proposals drawn up by the accounting regulator.Sky News has learnt from sources in Whitehall that the Financial Reporting Council (FRC) has told the government that it wants to oversee a regime it is describing as "managed shared audits". Under the system, all but the very biggest FTSE-350 companies would be required to include at least one challenger firm in their audit tender process.If a big four firm - one of Deloitte, EY, KPMG or PricewaterhouseCoopers - is appointed, work equating to a substantial minority of the audit fee would then have to be undertaken by a smaller rival.One City figure said that substantial minority could be ar...
East Kent hospitals: Care watchdog inspects trust after baby death apology

East Kent hospitals: Care watchdog inspects trust after baby death apology

Health
England's care watchdog has carried out a no-notice inspection of an NHS trust at the centre of concerns over the possible preventable deaths of babies.The Care Quality Commission (CQC) is investigating East Kent Hospitals NHS Trust but has not yet decided whether to prosecute.At least seven preventable baby deaths may have occurred at the trust since 2016, a BBC investigation found.The trust apologised and said it had made "significant changes".It comes as the trust is likely to be heavily criticised on Friday at an inquest into the death of baby Harry Richford. East Kent Hospitals NHS Trust consists of five hospitals and community clinics and almost 7,000 babies are b...
HS2 risks misjudged from the start, says watchdog

HS2 risks misjudged from the start, says watchdog

Business
No-one took full account of how complex and risky the HS2 high-speed rail project was likely to be, the government spending watchdog has said.The Department for Transport (DfT) and HS2 Ltd did not allow for all uncertainties when estimating initial costs, the National Audit Office (NAO) said.In 2015, HS2 was due to cost £56bn.Earlier this week, however, a leaked government-commissioned review suggested the total could reach £106bn.The findings of the independent review, conducted by former HS2 Ltd chair Doug Oakervee, have not yet been officially published. The government will use the report to inform its final decision on whether to give the go-ahead to the HS2 project, and has said a final decision on whether to continue with i
Instagram e-cigarette posts banned by ad watchdog

Instagram e-cigarette posts banned by ad watchdog

Technology
Four vaping companies, including British American Tobacco (BAT), have had Instagram posts promoting e-cigarettes banned by the Advertising Standards Authority (ASA).The posts showed models and celebrities such as Lily Allen holding electronic cigarettes.The advertising of these products is banned on social media.One of the groups that had complained said the ruling was "a huge step forward"."While the ASA ruling is great news, urgent policy change is needed from Facebook, Instagram and Twitter to prevent BAT and other tobacco companies from using social media to advertise their harmful products to young people around the world," the Campaign for Tobacco-Free Kids said in a statement. ...