Finance
Big drop in UK-wide fraud – but no room for complacency
The value of fraud in the West Midlands fell from £203.2m to £22.3m in 2018, according to new figures. This represents an 89 per cent decrease from the
previous year, research carried out as part of accountant BDO’s annual ‘FraudTrack’ report reveals. BDO discovered that despite the value of fraud in
the region decreasing, the number of reported cases in the West Midlands still accounted for 12 per cent of all UK reported fraud by volume. The largest single reported fraud in the West Midlands in 2018 was committed by a Dunstable man who stole more than £2.5m from the evangelical Christian charity he worked at as an accountant. The total value of fraud UK-wide more than
halved in 2018. Following a record 15-year high in 2017, reported fraud fell from £2.1bn to £746.3m, its lowest level since 2014. However, experts at BDO say the true cost of
fraud to the UK could be as high as £37.5bn. Sat Plaha, partner and national head of regional
forensic services at BDO, said: “While the continued reduction in the value of fraud in the West Midlands may seem positive, our experience suggests that as few as one in 50 cases of fraud in the UK are likely to be reported so the figures only shine a spotlight on the visible part of a much wider problem. “There is no chance for complacency in the face of increasingly sophisticated scams. As the largest
When you’re smiling (from left): Manoj Patel, Dr Harmandeep Singh Chaggar and Mel Kan
Sector Focus
Haines Watts buys accountancy practice
Haines Watts has acquired Birmingham’s Jewellery Quarter- based chartered accountants Michael Kay & Company. Michael Kay & Company advises
clients throughout the West Midlands and beyond, with a focus on growing owner-managed businesses. The combined office will have a total of 40 staff. Haines Watts supports more than 35,000 companies and business owners around the UK. Haines Watts managing director
Getting a grip on fraud: Sat Plaha
reported fraud in the region shows, sometimes the perpetrator of fraud is not a faceless name or external scam, but an employee in a position of trust with access to key data or the firm’s financial accounts. “Companies and organisations must continue to
adopt stringent systems and provide discrete channels for employees to securely flag potential cases of fraud for further investigation.”
Darren Holdway said: “2018 was a year of continuing growth for our Birmingham practice. Through organic growth we have continued to attract and support ambitious business owners and deliver services and solutions that enable them to reach their aspirations. “This acquisition will give us the opportunity to further expand our reach and meet the needs of growing companies as well as providing further opportunities for our business and our people.” Michael Kay said the takeover
presented an exciting opportunity for his firm’s clients and its staff. He said: “The two practices have
developed on similar lines and we are looking forward to working with the team at Haines Watts.”
Barclays helps dentists with a bridging loan
A West Midlands dental practice is under new ownership following funding from Barclays. Brownhills Dental Surgery, in
Walsall, has been acquired by Dr Harmandee and Singh Chaggar. The practice was originally established by Dr Navdeep Dhaliwal 15 years ago. The practice, which has more
than 5,000 patients, is to be renamed Pearly Whites Dental studio and will provide both NHS and private dentistry. Dr Chaggar said: “Brownhills Dental Surgery has a great
reputation amongst patients and we plan to expand on this and offer a friendly and pleasant experience accompanied by quality dental care. “We want to create smiles that
patients can be proud of and we sincerely hope to become an integral asset to the health service in the local community.” Manoj Patel, relationship director
at Barclays, said: “I am delighted we have been able to support Dr Chaggar with the purchase of his first practice and are excited about the plans he has in place to expand the business further.”
April 2019 CHAMBERLINK 75
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93
