@peter_IFAMAG reads Twitter so you don’t have to.
Today on Twitter, the Personal Finance Society (PFS), the largest professional body for individual financial advisers in the UK market, may be deregistered by the Chartered Insurance Institute. Elsewhere EY steps back from FCA-regulated peer-to-peer lender, citing poor governance.
First, Robert Smith the FT reporter that broke much of the Greensill Capital scandal tweets another revelation. The FT covers the tiny audit firm that signed off for Sanjeev Gupta’s empire.
"It smells of the 1950s. It’s full of boxes with yellowing bits of paper spilling out.”@_MODwyer, @cynthiao and I offer a rare glimpse into the offices of King & King, Sanjeev Gupta's auditor of choice for 60+ companies that generate ~£2.5bn in revenuehttps://t.co/KWdb0s0YTV
— Robert Smith (@BondHack) April 28, 2021
Also in auditing, James Hurley reports for the times EY is stepping back from Kuflink. The peer-to-peer lender, and Southampton FC sponsor, is accused of having poor governance, and ‘highlighted “significant doubts” over the company’s ability to keep running.’
@ArmitageJim @premnsikka 1/ “Auditor #EY quits over ‘poor governance’ issues at @theFCA authorised #P2P lender #Kuflink (rebranded from ‘Alpha Bridging’)”. At least the FCA’s regulation is consistent – consistently MIA (missing in action). – #audit pic.twitter.com/KV9VEFnccf
— Ian Beckett (@ianbeckett) April 27, 2021
Elsewhere, Deutsche Bank reveals they have risen from the Archegos scandal unscathed.
The investment banking bononza continues !
Deutsche Bank reports results 34% ahead of consensus and revenues 9% ahead ! And no loss on Archegos.
This isn't the Deutsche Bank I used to know. pic.twitter.com/UM0vURhVW2
— JohannesBorgen (@jeuasommenulle) April 28, 2021
James Fitzgerald from Citywire reports the CII plan to deregister the PFS.
Very thorough reporting here from @JamesFitzJourno who has uncovered a rift between the CII and the planning body, plans to deregister the PFS and more resignations to come from PFS top brass. https://t.co/eb5hufzAq4
— Will Robins (@Will_Robins) April 28, 2021
Taking a look at the macro-economic picture, the smart money’s on $VICE this summer.
Investors are betting on a "summer of sin". Chart shows S&P 500, MSCI's US ESG index and $VICE, an ETF for fags, booze and gambling stocks.
Vice>virtue at the moment. pic.twitter.com/o8raCblNCw
— Robin Wigglesworth (@RobinWigg) April 27, 2021
The host of the Fintech Insiders podcast, Sarah Kocianski shares a hot take on today’s funding rounds.
So today we have: Current raising $220m at a $2.2bn valuation. Step raising $100m. Greenlight raising $260m at a $2.3 valuation. The battle for children's money is heating right up.
— Sarah Kocianski — on Bluesky and Threads (@SarahKocianski) April 27, 2021
What are your thoughts on these tweets?
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