SECTOR FOCUS: FINANCE


ne of Britain’s leading banks says it is ready to back a new climate of


SPONSORED BY: UNIVERSITY OF BIRMINGHAM


Bank to up SME lending O


Alumni make a difference


Kate Salter Marketing Officer


More than 80 alumni from Birmingham Business School came together at the top of London’s BT Tower as part of the School’s ninth annual London Professional Network event. This year’s event was once again hosted by Paul King, alumnus and COO vice president of operations and transformation at BT Global Services. Due to the generosity of BT and Paul, the event was able to contribute 50 per cent of the ticket price to support the new library project at the university. A number of current


students joined the alumni at the event including Mitali Gohel, a third year business student who has benefited from the Alumni Leadership Mentoring Programme and is joining BT on its graduate programme in September. Mitali said: “Having an alumni mentor has proved to be an invaluable asset in my final year of university. It is so useful to have someone who has been through the graduate recruitment process to sound out ideas and ask for advice."


Dean of Birmingham


Business School, Professor Simon Collinson, also attended the event. He welcomed alumni and spoke about the school’s commitment to supporting the development of high quality professionals and its ability to bring students, alumni and the business community together.


If you would like to learn about the opportunities available to work with Birmingham Business School’s alumni community, email alumnievents@contacts. bham.ac.uk. Alternatively, visit www.birmingham.ac.uk/ business


38 CHAMBERLINK MAY 2014


growth by significantly increasing its lending to businesses in the UK. The bank, HSBC, says it is making £6 billion of new lending available across its regional network, with £500 million allocated for West Midlands SMEs. The funds will be open to businesses with a turnover of up to £30m. HSBC said it intends to help more


than 6,000 business start-ups and support hard working SME business owners in their drive for growth. The bank added that it had noticed an improvement in business confidence in the West Midlands in recent months.


Amanda Murphy: climate of growth


earmarked to support growth. • See comment p5.


HMRC campaign to chase unpaid NICs


A Birmingham-based chartered accountancy firm is warning people with unpaid national insurance contributions (NICs) that they may get a knock on the door from the bailiff. Edgbaston-based JW Hinks said that the taxman had decided to employ private debt collectors to recover any money owed. JW Hinks payroll manager Claire


Richards said that anyone paying tax through ‘Pay As You Earn; (PAYE) as an employee, or who receives a taxable, UK-based private pension, may have received a ‘P2’ annual coding notice for the 2014-15 tax year. This sets out their tax code for the year, so that their employer or pension provider can deduct the correct amount of tax and national insurance. HMRC says that some people receiving the notice may find that their tax


code has changed, because starting from April 2014 HMRC can collect outstanding Class 2 national insurance contributions, paid by people who are self-employed, by adjusting the tax code. HMRC has already written to those with Class 2 NIC debts to request


payment and is warning that those who do not pay in full could find their debt passed on to a private debt collection agency, if it is not collected via their PAYE code. Ms Richards said: “If you have already received a letter informing you of


an outstanding NIC debt then, as with any tax matter, it is important to deal with the matter as soon as possible.”


Oval Group taken over by US firm


US-based global insurance brokerage and risk management services firm Arthur J Gallagher has bought London firm The Oval Group for £199 million. Established in 2003, Oval is an independent commercial insurance broking and financial services business, headquartered in London, with 24 office locations stretching from Aberdeen to Exeter and just over 1,000 employees. AJG is headquartered at the


Claire Richards: don’t bury your head in the sand


Gallagher Centre in Itasca, Illinois, and was founded in 1927. Since then it has grown to become one of the largest insurance brokers in the world with over 300 offices in 16 countries, more than 13,000 employees and revenues exceeding US $2.5 billion. The combined operation will


have more than 80 offices and 4,000 employees across the UK. Arthur J Gallagher chief


executive officer David Ross said: “Oval broadens and enhances our distribution network by taking us into at least ten new geographic territories while establishing us as the largest retail commercial broker in several core cities.”


Accountanting standards revised


A new system of accounting standards is being introduced in the UK, by the Financial Reporting Council (FRC). The FRC has issued three new


accounting standards FRS 100, FRS 101 and FRS 102, which together form the basis of what is being called the ‘New UK Generally Accepted Accounting Principles (New UK GAAP)’.


‘These accounting standards will affect companies reporting in the UK’


The point of this, according to


accountant Chantrey Vellacott, is to move financial reporting in the UK towards a framework based on an


existing standard, which is the FRSSE (Financial Reporting Standard for Smaller Entities). These accounting standards will


affect companies reporting in the UK and the Republic of Ireland who do not choose to adopt EU International Financial Reporting Standards (IFRS) or are not entitled to, or do not choose to follow, the FRSSE.


HSBC head of business banking Amanda Murphy said: “Ambitious British businesses are saying they are going to invest this year and get on with growing. Business growth will come from all of our regions and by breaking down funds to a very local level we are confident we can help make a real difference. “We have put the funds into the hands of our local relationship managers to empower them to identify and work with ambitious companies in their area.” HSBC says that a significant amount of the lending it is providing its SME customers is clearly


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