Risk & Economy » 5 things FDs need to know this week

1. 115 FDs fined in HMRC crackdown

115 finance directors have been fined by HM Revenue & Customs in the last fiscal year, according to the Financial Times.

The finance directors who were fined all worked at companies that had annual revenues in excess of more than £200million or assets of more than £2billion. According to the broadsheet, the rise in penalties is due to the introduction of the Senior Accounting Officer regime introduced in 2009, giving HMRC the power to fine individuals in senior fiance roles up to £5000 for failing to ensure ‘appropriate tax accounting arrangements.”

2. Uber seeks workers’s right decision appeal 

The ride-hailing company is seeking to appeal a ruling that it’s drivers’ should be given workers’ rights, such as minimum wage and sick pay. Uber is taking its appeal to the Supreme Court after an Employment Appeal Tribunal ruled against their initial appeal.

3. Thomas Cook swoops for Monarch runway slots

Thomas Cook has bid for recently-failed Monarch’s runway slots at Gatwick airport, according to sources quoted by Reuters. Monarch’s administrators secured rights to sell the slots after winning an appeal against a High Court ruling that said Monarch had lost rights to the slots as it was no longer operating flights.

4. Banks agree to back Libor until 2021

The Financial Conduct Authority has announced that it has reached an agreement so that all 20 banks on panels that submit quotes for Libor will support the benchmark until 2021.

5. Consumer confidence hits new post-Brexit low

British households are currently at their least confident since the Brexit vote, according to a new consumer confidence index produced by YouGov and the Centre for Economics and Business Research.