26 February 2016 by Henry Ker
40% non-compliant with ESOS by deadline
Just 40% of the 10,000 businesses that qualified for the Government's Energy Savings Opportunity Scheme (ESOS) were compliant by the 29 January deadline, according to the Environment Agency (EA).
The EA revealed that it received nearly 6,000 notifications of compliance and 1,000 notifications of intent to comply. However, a further 3,000 still had not indicated compliance with the mandatory energy efficiency scheme on any level. This leaves thousands of companies facing possible enforcement action.
Treasury Select Committee wants to veto appointments to FCA
The Treasury Select Committee MPs tabled an amendment to the Bank of England and Financial Services Bill that would allow them to veto the appointment and dismissal of the chief executive of the Financial Conduct Authority (FCA).
Committee Chair Andrew Tyrie explained ‘More of the most powerful appointments should be subject to full pre appointment scrutiny. The government continues to disagree, appealing to the ‘market sensitivity’ of these appointments. That is not an adequate explanation.’
Last summer, Chancellor George Osborne sacked former FCA boss Martin Wheatley.
Business is the most accessible high powered profession
There are proportionately fewer privately educated people working in the top UK businesses, in comparison to other leading career paths such as law, military and medicine. According to figures from Sutton Trust, just over one third of the top business professionals were educated at private school. This is the second major drop in the number of business leaders coming from public schools in recent times – in 2007 the figure was 54% and in 1987 it was 70%.
Compliance salaries rose sharply during 2015
The salaries for those working in compliance shot up 20% in 2015, according to Morgan McKinley's 2016 UK Salary Guide. Those in particularly specialist positions saw pay rise by as much as 30%.
Other interesting findings include that employers hired more women into compliance roles than before, and Hungary and the Czech Republic are producing a large number of high-quality candidates.
FCA criticised not understanding cost of compliance
A report by the National Audit Office criticised the FCA for a lack of understanding about how much compliance costs firms. Alongside this, it suggested the FCA’s actions could stifle innovation.
The report examined the effect of regulation on mis-selling and consumer redress, and how the cost of regulation impacted firms. It concluded the regulator had ‘further to go to show it is achieving value for money’.