KPMG Audit Under Fire: UK's Financial Landscape in Flux

The UK's Financial Reporting Council is probing KPMG's audit of Entain. The Bank of England proposes a 'concierge' service for foreign firms. UK ministers endorse airport expansions, aligning Northern Ireland with EU laws. Heathrow’s third runway gains government support, highlighting economic revitalization efforts.

The Financial Reporting Council in the UK has launched an investigation into KPMG's 2022 audit of Entain, marking a major setback for the firm among the 'Big Four' accounting companies.

In a bid to attract foreign businesses, the Bank of England is mulling over introducing a 'concierge service,' a concept borrowed from Singapore, as discussed by Sam Woods of the Bank's Prudential Regulation Authority on Monday.

Meanwhile, the UK government is moving to approve expansions at Gatwick and Luton airports in an effort to stimulate economic growth, alongside supporting Heathrow Airport's proposed third runway. Additionally, it has dismissed unionist objections to new EU regulations in Northern Ireland, further aligning the region with Brussels' standards.

(With inputs from agencies.)