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The Office for Students (OfS) has published a report today ‘Fit for the Future: Higher Education Regulation Towards 2035’, which includes recommendations for the regulator to monitor the financial sustainability of all higher education institutions. 

Leading audit, tax and consulting firm has appointed Tom Stevens as partner to further strengthen its financial services audit practice.

As the 31 July Consumer Duty reporting deadline looms, RSM UK is urging motor finance firms to allocate and document adequate financial provision for potential customer complaints redress in conjunction with new reporting rules. 

In June 2024, the number of registered company insolvencies in England and Wales was 2,361, 16% higher than in May 2024 (2,040) and 17% higher than the same month in the previous year. Company insolvency numbers also remained much higher than levels seen during the Covid-19 pandemic and between 2014 and 2019. 

The number of individuals entering a personal insolvency procedure has risen for the third successive quarter in Q2 2024. Whilst bankruptcy and individual voluntary arrangement (IVA) numbers dropped in the period when compared to the previous quarter, DRO registrations in the quarter rose by 39%, fuelling the increase in personal insolvency numbers.

The latest ONS figures show retail sales volumes fell by 1.2% in June, driven by department stores (down 3.4%), household goods (down 2.1%) and clothing (down 1.6%).

Reacting to the King’s Speech and confirmation of a Pension Schemes Bill, RSM UK’s head of pensions, Ian Bell said: 'The Pensions Schemes Bill confirmed in the King’s Speech highlights the consolidation of small pension pots as a key aim. While this is a welcome move, the onus is currently on individuals to choose where to put their consolidated retirement savings. We urge the government to consider steps to improve financial literacy, particularly around pensions, which is a blind spot for many, especially younger generations. This move would help pensions savers get the most value from their consolidated retirement savings and reduce poverty for future generations.'

According to yesterday’s UK House Price Index from the Office for National Statistics, the average house price in Newcastle was £193,000 in May 2024, up 4.6% from May 2023. Across the North East, the average house price rose 3.7% in the year to May 2024.

In the King’s Speech yesterday, King Charles highlighted government’s commitment to raising educational standards and break down barriers to opportunity for children and young people.