Beyond Finance

The horrific situation in Ukraine has had wide-ranging impacts and implications across the world, not least the fight against economic crime.

In the UK, this is a huge undertaking. Will the new Economic Crime Act make a difference? Solicitor and economic crime specialist Matt Corn discusses the climate for economic crime in the UK and how the new Act will work in the context of existing UK law.

Last week, the Chancellor Rishi Sunak delivered his Spring Statement with expectations high for measures to lessen the pain of inflation, rising energy and fuel costs, and the larger cost of living crisis. Did he do enough?

Frank Haskew, Head of Taxation Strategy, Tax for ICAEW, analyses the Chancellor’s decisions and discusses the implications of high inflation.

Links:
- https://www.legislation.gov.uk/ukpga/2022/10/contents/enacted.
- https://commonslibrary.parliament.uk/research-briefings/cbp-9013/.
- https://www.politico.eu/article/uk-new-economic-crime-legislation-russia/.
- https://www.gov.uk/government/news/government-takes-landmark-steps-to-further-clamp-down-on-dirty-money.
- https://www.gov.uk/government/publications/spring-statement-2022-documents.
- https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/february2022.
- https://obr.uk/box/higher-inflation-effects-on-our-central-forecast-and-alternative-scenarios/.

Host:
Philippa Kelly

Guests:
- Matt Corn, economic crime specialist solicitor, Olliers.
- Frank Haskew, Head of Taxation Strategy, Tax, ICAEW.

Producer:
Natalie Chisholm

Episode first published: 30 March 2022
Podcast recorded: 24 March 2022

In this Insights in Focus episode, we look at what happens to your digital assets after you die.

A large proportion of our lives are now lived online. The digital footprint of the average person on the street is getting bigger and bigger. Some of that includes assets that we really value, both from an emotional and financial perspective. Journalist and author Jamie Bartlett looks to answer the question: what happens to those assets when we die, and what do we need to consider?

Catherine Mayer understands how hard it can be to deal with a loved one’s digital assets. When her husband, Andy Gill, guitarist from the band Gang Of Four, died in 2020, his death trended on Twitter. Getting hold of his digital assets and accounts has been an uphill battle. She speaks about her experiences and what she’s learned from them.

Then Elaine Kasket, Bereavement Lead at the Digital Legacy Association and author of All the Ghosts in the Machine, explains the various complexities of people’s digital afterlife. David Lyford-Tilley, ICAEW’s Technical Manager, Tech and the Profession, gives a technology and legal perspective on how to manage your digital legacy.

Host:
Jamie Bartlett, technology journalist and author

Guests:
- Catherine Mayer, activist, journalist, co-founder of Women’s Equality Party and Primadonna Festival, author, 'Good Grief: Embracing Life at a Time of Death'.
- Elaine Kasket, psychologist, Bereavement Lead at the Digital Legacy Association, author, 'All the Ghosts in the Machine: The Digital Afterlife of Your Personal Data'.
- David Lyford-Tilley, Technical Manager, Tech and the Profession.

Links:
- https://www.catherinemayer.co.uk/good-grief.
- https://www.theguardian.com/music/2022/jan/16/widow-of-gang-of-four-guitarist-andy-gill-reveals-how-she-was-ambushed-by-bereavement.
- https://www.theguardian.com/music/2020/feb/01/andy-gill-influential-guitarist-with-gang-of-four-dies-aged-64.
- https://www.hachette.co.uk/titles/elaine-kasket/all-the-ghosts-in-the-machine/9781472141897/.
- https://digitallegacyassociation.org/.
- https://www.icaew.com/technical/audit-and-assurance/faculty/audit-and-beyond/audit-and-beyond-2021/audit-and-beyond-december-2021/the-implications-of-digital-assets-for-the-accountancy-profession .

Producer:
Natalie Chisholm

Episode published: 22 March 2022
Podcast recorded: 11 March 2022

On the latest ICAEW Insights podcast, we speak to Jamie Bartlett, author and presenter about the importance of digital assets. 

These assets can include NFTs, cryptocurrencies and prizes email addresses and social media handles. What happens to them when we die? Jamie discusses how to look after your digital shadow. 

Then, Sunday Times Economics Editor and author David Smith discusses the conditions that have created the rising inflation we’re seeing in the UK. Are those conditions easing? What will this mean for the cost of living? What’s the impact of the Great Resignation? Who suffers most from high inflation?

Links to resources on topics discussed in the show:

https://myshadow.org/animation

https://www.forbes.com/sites/philippsandner/2021/08/24/digital-assets-the-future-of-capital-markets/

https://time.com/5579737/facebook-dead-living/

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/january2022

https://petapixel.com/2022/02/23/experts-warn-global-chip-shortage-likely-to-last-beyond-2022/

https://www.constructionnews.co.uk/supply-chain/how-sharply-rising-materials-prices-have-rocked-the-sector-28-02-2022/

https://www.politicshome.com/thehouse/article/major-challenges-for-supply-chains-this-year-brexit-labour-shortages

https://www.ons.gov.uk/economy/nationalaccounts/uksectoraccounts/articles/householdinflationandincomeinequalityintheuk/2020-11-02

Host: Philippa Kelly.
 
Guests: 

• Jamie Bartlett, journalist, presenter and author
• David Smith, Economics Editor, The Sunday Times

 
Producers: Natalie Chisholm

Episode first published: 28 February 2022
Podcast recorded: 21 February 2022

We take a look at the issue of domestic modern slavery, and how authorities and prosecutors look to build a case under the Modern Slavery Act.

Before the Modern Slavery Act came into force in 2015, criminals would get a longer sentence for moving 3kg of cocaine than for trafficking 300 people. It is a critical piece of legislation in tackling modern slavery in the UK, where it is still a significant issue.

Businesses are feeling considerable pressure as a result of rising inflation, supply chain issues, and other spiralling costs. Some struggle to find the workers they need. This could mean greater bargaining power for workers; equally it could mean greater numbers of people being coerced.

In challenging times, some people are willing to push, and breach, the limits to succeed, or simply survive. Such conditions can also heighten the risk of modern slavery, and Chartered Accountants need to be aware of the risks and know what to look out for.

Host:
Philippa Kelly, Director of Financial Services, ICAEW

Guests:
- Caroline Haughey OBE QC, barrister, Furnival Chambers, who prosecuted the very first case brought under the Modern Slavery Act;
- Laura Thomas, Senior Prevention and Partnerships Officer of the Gangmasters and Labour Abuse Authority (the GLAA); and
- Dipak Vashi, Sustainability Manager at ICAEW.

Links:
- https://www.gov.uk/government/publications/2021-uk-annual-report-on-modern-slavery/2021-uk-annual-report-on-modern-slavery-accessible-version;
- https://www.cps.gov.uk/west-midlands/news/operation-fort-three-gang-members-convicted-human-trafficking;
- https://www.gov.uk/government/collections/modern-slavery-bill;
- https://www.gla.gov.uk/media/5917/spotting-the-signs-mini-guide.pdf;
- https://www.gla.gov.uk/media/5638/march_2020_statutory_guidance_under_the_modern_slavery_ac_2015.pdf;
- https://www.icaew.com/technical/legal-and-regulatory/modern-slavery;
- https://www.icaew.com/learning-and-development/icaew-educational-films/without-question.

Producer:
Natalie Chisholm

Episode published: 15 February 2022
Podcast recorded: 8 February 2022

In this episode of ICAEW Insights, we look at the issues facing charities in the UK, the increasing focus of regulators, investors and stakeholders on non-financial misconduct and what’s new with tax.

Host and ICAEW financial services director Philippa Kelly is joined by the Institute’s head of charities and voluntary sector, Kristina Kopic, to discuss the challenges the sector has faced over the past two years. It has been difficult for charities to both operate sustainably and support users at a time when they particularly need it.

Barrister at 4-5 Gray’s Inn Square and Financial Services Faculty Board Member Nikesh Pandit discussed the Financial Conduct Authority’s (FCA) increased focus on non-financial misconduct. The FCA takes a fairly strong stance on non-financial misconduct; some individuals have been banned from working in the financial services industry because of it. Nikesh looks at the parallels for Chartered Accountants.

Finally, Lindsey Wicks, ICAEW’s technical editor, tax, looks at the latest tax news, including the deferment of the new VAT penalty regime and HMRC’s briefing on its approach to tax fraud.

Links:
- https://www.icaew.com/learning-and-development/events/charity-conference.
- https://www.icaew.com/technical/volunteering-community/trustee-training-modules.
- https://www.icaew.com/groups-and-networks/communities/volunteering.
- https://www.icaewvolunteers.com/.
- https://www.fca.org.uk/news/press-releases/fca-bans-three-individuals-working-financial-services-industry-non-financial-misconduct.
- https://www.icaew.com/technical/financial-services/2021/banning-individuals-for-non-financial-misconduct.
- https://www.icaew.com/insights/tax-news/2022/jan-2022/New-VAT-penalty-regime-deferred-to-January-2023.
- https://www.icaew.com/insights/tax-news/2022/jan-2022/HMRC-briefing-highlights-its-approach-to-tax-fraud.
- https://www.icaew.com/insights/viewpoints-on-the-news/2022/Jan-2022/What-happens-if-you-miss-the-31-January-self-assessment-filing-and-payment-deadline.
- https://www.icaew.com/insights/tax-news/2022/jan-2022/HMRC-announces-onemonth-self-assessment-penalty-waiver.

Host:
Philippa Kelly, director, financial services, ICAEW

Guests:
- Kristina Kopic, Head of Charities and Voluntary Sector, ICAEW.
- Nikesh Pandit, Barrister, 4-5 Gray’s Inn Square and Financial Services Faculty Board Member.
- Lindsey Wicks, Technical Editor, Tax, ICAEW.

Producer:
Natalie Chisholm

Episode published: 20 January 2022
Episode recorded 17 January 2022

In the second of a two-part special Insights In Focus podcast, ICAEW Chief Executive Michael Izza discusses non-financial reporting, public sector finances, and the big tech trends of 2022.

At the end of 2021, we saw some significant developments towards a coherent framework for non-financial reporting standards. The formation of the International Sustainability Standards Board by IFRS in November was a huge step forward.

But if we’re going to make progress in tackling climate change issues, we will have to deal with the rising levels of public debt. Fiscal resilience will be under the spotlight as much as sustainability issues.

Emerging technologies are also transforming the way we live and work, from the need for new data skills to the digitalisation of tax.

The implications of all of this are discussed in part two of our special Insights In Focus podcast.

Host:
Michael Izza, Chief Executive, ICAEW

Guests:
Philippa Kelly, ICAEW’s Director of Financial Services;
Richard Spencer, Director of Sustainability;
Alison Ring, Director of Public Sector and Taxation; and
David Lyford-Tilley, Technical Manager, Tech and the Profession

Links:
- ifrs.org/groups/international-sustainability-standards-board/
- icaew.com/digitaltax
- icaew.com/cyber
- icaew.com/blockchain
- icaew.com/data

Producer:
Natalie Chisholm

Episode published: 04 January 2022
Podcast recorded: 30 November 2021

In the first ICAEW In Focus podcast of 2022, Chief Executive Michael Izza looks at the biggest issues facing business and the wider economy, with help from experts from around the Institute.

The global economy is going through significant change at the moment, some of it long term, some of it short. For instance, we’re seeing the start of a gradual transition away from fossil fuels, starting with coal. At the same time, we’re seeing a huge increase in inflation – a symptom of more immediate economic challenges.

With the messages from COP26 still ringing in our ears, businesses and governments are considering how to turn promises into action. Much has been made of the ‘green and fair recovery’ as we come out of the pandemic. We will need new skills in order to facilitate that.

In the first part of an in-depth discussion between ICAEW Chief Executive Michael Izza and its experts in sustainability, the public sector, financial services and technology, we look at the impacts of COP26, how to cope with rising inflation, and the skills and jobs needed for the economy to ‘level up’.

Host:
Michael Izza, Chief Executive, ICAEW

Guests:
- Philippa Kelly, ICAEW’s Director of Financial Services;
- Richard Spencer, Director of Sustainability;
- Alison Ring, Director of Public Sector and Taxation; and
- David Lyford-Tilley, Technical Manager, Tech and the Profession.

Links:
- icaew.com/insights/cop26
- sdg.iisd.org/events/2021-un-climate-change-conference-unfccc-cop--27/
- unfccc.int/documents/310475
- ons.gov.uk/economy/inflationandpriceindices
- gov.uk/government/publications/levelling-up-fund-additional-documents

Producer:
Natalie Chisholm

Episode published: 04 January 2022
Podcast recorded: 30 November 2021

Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.

On the show, ICAEW’s financial services director Philippa Kelly joins host Tom Herbert to assess the potential for regulating ‘greenwashing’ and ask whether 2022 will be another year of calculating EBITDAC for the nation’s businesses.

ICAEW Tax Faculty’s Lindsey Wicks puts the government’s Tax Administration and Maintenance day under the microscope and outlines the next milestone in the government’s phased timetable for border controls with the EU.

And joining the podcast to outline the challenges posed to local audit by the pandemic and the steps auditors are taking to overcome them is Ann-Marie Harkin from Audit Wales and Oliver Simms from ICAEW’s public sector team.

Links to resources discussed in the show:
- Tax administration and maintenance day: a Budget without a speech.
- Get ready for full customs declarations for EU imports and exports.
- Brexit: Determine where your goods originate.
- ICAEW: government has not recognised urgency of local audit crisis.
- Local authority audit hits breaking point as 91% miss deadline.
- Audit Wales homepage.

Host:
Tom Herbert, online editor ICAEW Insights, We Are Sunday
 
Guests:
- Philippa Kelly, Director, Financial Services  at ICAEW.
- Lindsey Wicks, Technical Editor, ICAEW Tax Faculty.
- Ann-Marie Harkin, Executive Director for Audit Services, Audit Wales.
- Oliver Simms, Manager, Public Sector Audit and Assurance at ICAEW.
 
Producer:
Natalie Chisholm

Episode first published: 16 December 2021
Episode recorded: 13 and 14 December 2021

On the latest Insights In Focus podcast, we reflect as the dust settles on the COP26 discussions in Glasgow, it’s time to assess and reflect on what was – and wasn’t – achieved.

For almost 30 years, governments and policy makers have been meeting at the Conference Of Parties (COP) to try to solve the problem of climate change. In that time, it has gone from a seemingly distant issue to an imminent existential threat.

Paris 2015 was the first major COP event to feel significant to the wider population. There, governments agreed to limit global warming to below two degrees, with an ultimate goal to keep it to 1.5 degrees. To achieve this, countries would adapt to the impacts of a changing climate, and make funds available to deliver on those aims.

Six years on from the Paris Agreement, COP26 felt like a crunch point: it was essential for the assorted countries to make progress and outline a plan that would further limit emissions.

Now that COP26 is over and done with, is the new agreement enough? This podcast explores what happened at Glasgow and what it means for business and the accountancy profession.

Host:
Richard Spencer, Director of Sustainability, ICAEW

Guests:
- Kate Levick. The Associate Director, Sustainable Finance, at the leading climate change think tank E3G. Kate leads E3G's activities in Sustainable Finance. She is responsible for overseeing E3G’s work on public and private finance including systemic financial reform and is a veteran of many COP meetings.
- Mark Gough. The CEO of the Capitals Coalition, a collaboration of businesses and other organisations from across the global economy focused on embedding social, human and natural capital into organisational decision-making. Mark has worked extensively in the private sector, leading programs and strategy for the Crown Estate and Reed Elsevier (now RELX), as well as advising many more.
- Jessica Fries. Jessica is Executive Chair of Accounting for Sustainability. Established by HRH The Prince of Wales in 2004, its aim is to transform finance to make sustainable business, business as usual. While at A4S, Jessica has been responsible for establishing the International Integrated Reporting Council (IIRC), as well as A4S’s CFO Leadership Network and capital markets programme.

Links:
- https://www.e3g.org/.
- https://capitalscoalition.org/.
- https://www.accountingforsustainability.org/en/index.html.
- https://www.icaew.com/insights/cop26.

Producer:
Natalie Chisholm

Episode first published: 29 November 2021
Podcast recorded: 25 November 2021

Welcome to this ICAEW Insights podcast, where we analyse the latest news from the world of accountancy, business and finance.

On the show, we speak to Small Business Minister Paul Scully about how the government intends to help small businesses hit hard by the pandemic, what chartered accountants working in or advising small businesses can do, and how to tackle the UK’s productivity puzzle.

With the resolutions from the COP26 climate conference fresh in our minds, ICAEW’s Sarah Dunn outlines why the formation of the International Sustainability Standards Board (or ISSB) is an important step forwards for better-quality climate disclosures.

And ICAEW Tax Faculty’s Lindsey Wicks unpacks key pieces of legislation from the recent Finance Bill, assesses HMRC’s efforts to clear a backlog of self assessment registrations, and outlines the content of recent ‘nudge’ letters sent to holders of cryptoassets encouraging them to consider their capital gains tax position.

Links to resources discussed in the show:
- Help to Grow scheme information (gov.uk).
- New sustainability standards board targets globally comparable reporting.
- ICAEW Financial Reporting Faculty Q&A on IFRS Sustainability Disclosure Standards.
- Budget confirms one-year delay to basis period reform.
- UK cryptocurrency owners nudged on CGT.

Host:
Tom Herbert, online editor ICAEW Insights, We Are Sunday

Guests:
- Paul Scully, Parliamentary Under-Secretary of State for Small Business, Consumers and Labour Markets, Minister for London and MP for Sutton and Cheam.
- Sarah Dunn, Technical Manager Financial Reporting, ICAEW.
- Lindsey Wicks, Technical Editor, ICAEW Tax Faculty.

Producers:
Natalie Chisholm and Guy Lessor

Episode first published: 18 November 2021
Episode recorded: 15 and 16 November 2021