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9am Lowdown: Receipt Bank joins Future Fifty

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23rd Feb 2017
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Good morning and welcome to the 9am Lowdown which today features Receipt Bank joining the future fifty programme, the former RSA Ireland CFO fined over an accounting scandal and the finance bill.

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Receipt Bank joins Future Fifty programme

Receipt Bank has joined the Tech City’s Future Fifty programme, as one of the companies that has potential to scale rapidly and build significant businesses.

Receipt Bank is one of the 26 companies entering the future fifty programme. Many of the existing companies listed on the future fifty are established businesses and household names, including Deliveroo, GoCardless and Just Giving. This year’s crop of businesses joining the programme includes fintech to online shopping, telematics to edtech.

Michael Wood, Co-Founder of Receipt Bank said “The increasing automation of bookkeeping and the arrival or real-time accounting are going to affect every business in the world. Receipt Bank has grown rapidly and consistently to become an early leader in these developments but there is a long, long way to go and much still to do.”

You can find out more about the programme on Receipt Bank’s industry update page.

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FRC fines former RSA Ireland CFO

The FRC has fined the former chief financial officer of RSA Ireland £35,000 over an accounting scandal.

As reported by the Financial Times, Rory O’Connor has been banned for three years from CIMA when he approved materially inaccurate financial statements for 2010, 2011 and 2012. A statement from RSA said a “comprehensive range of measures” have been implemented to strengthen the group’s transparency.

Gareth Rees QC, executive counsel to the FRC, said: “These significant sanctions, including a period of exclusion and substantial fines, reflect the seriousness of the failings by these individuals and will send a strong signal to the accounting and actuarial professions of the importance of upholding high standards of professional conduct. These sanctions will also serve to protect the public and contribute to the maintenance of public confidence in the accountancy and actuarial professions.”

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Finance Bill date confirmed

The finance bill 2017 will be published a few weeks after the spring Budget on the 20 March.

The date of publication was confirmed in HMRC’s February Agent update. The upcoming spring Budget will be followed by an Autumn Budget.

Between the Budget and the finance bill, HMRC said that there will be some external restrictions during this time. 

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