Tag Archives: Finance

Accountancy, Accountancy & Accounts, Accounts and Accountancy, Economy & Jobs News

Finance teams – evolve now or become irrelevant

A comprehensive new report reveals that finance teams worldwide are at a critical juncture, with just five years to adapt to rapidly changing demands—or face the risk of becoming obsolete.

Finance teams have just five years to transform or risk becoming irrelevant, according to a new report by ACCA (the Association of Chartered Certified Accountants) and Chartered Accountants ANZ in association with PwC. The report, Finance evolution: Thriving in the next decade, stresses the vital role finance teams play in building sustainable businesses and urges CFOs and finance leaders to take immediate action.

Drawing on insights from over 150 finance professionals and 2,300 survey responses, the report shows that businesses now demand a broader skill set from their finance teams, as retrospective reporting and traditional approaches to planning and forecasting alone no longer meet key decision-makers’ needs. Being pre-emptive is the order of the day.

The report highlights some ongoing concerns raised by survey respondents:

  • A lack of clarity on how finance can add value to the business (38%)
  • Finance being seen mainly as a cost centre (32%)
  • Current technology not meeting the needs of the organisation (30%)

Finance teams must embrace technologies like artificial intelligence, machine learning and data analytics, to enhance decision-making and operational efficiency. These technologies help finance teams reduce manual tasks, boost efficiency, and be recognised as key drivers of growth rather than merely number crunchers. The role of finance has also expanded to include leadership on long-term value creation including sustainability issues.

However, the report also emphasises that as finance teams undergo this transformation, the importance of ethics must remain at the forefront. With the increasing reliance on technology and data, maintaining a strong ethical foundation is crucial to building and sustaining trust.

Helen Brand OBE, Chief Executive of ACCA, said: “For finance teams to stay relevant, they need to look ahead. CFOs and finance leaders must ensure they are measuring both the long-term and short-term goals of sustainable business models effectively. The role of the CFO is fast evolving beyond finance to encompass wider value creation and management.”

Ainslie van Onselen, Chief Executive Officer of Chartered Accountants ANZ, stated: “While the arrival of new technology presents exciting opportunities to radically transform and improve the way we work, the one thing that must never change is our profession’s strong ethical standing.  While we upskill and future proof our technology capabilities, we must also remain firmly focused on the ethical role that financial professionals – especially Chartered Accountants – must play.”

Moreover, the report highlights significant skill deficits in the areas of digital, data, and sustainability. Addressing these gaps is essential for finance teams to lead effectively in the next decade.

Simon Seymour, Partner at PwC, noted: “Respondents highlighted their biggest skills gaps as digital skills, data skills and sustainability skills.  A critical question for the industry, as a whole, is why these skills gaps remain so pronounced and how far organisations should go to own the skills agenda, and not just rely on traditional training.”

The report is a clear call for action: finance teams must embrace new technologies, develop critical skills in digital, data, and sustainability, and uphold the highest ethical standards to ensure they remain integral to their organisations’ success in the years to come.

Read the report online.

News

Largest provider of carer services in Wales moves to new 6,000 sq ft Flintshire HQ after doubling workforce

THE largest provider of carer services in Wales unveiled new headquarters following a surge in demand.

The move comes after NEWCIS (North East Wales Carers Information Service) doubled its workforce post-pandemic while receiving more than 100 carer referrals a week from Wrexham, Flintshire and Denbighshire.

The organisation has moved to a nearly 6,000 square foot premises in Mold High Street – formerly Barclay’s Bank – and completely renovated the building to include a shop, offices, meeting rooms, disabled access and a pop-up space for community and health groups to utilise.

NEWCIS was supported by local businesses, notably St Asaph-based FFP Solutions, which helped them secure the funding to acquire the property, and Cilcain’s DC Wolfe Construction Ltd.

CEO Claire Sullivan – approaching 25 years with NEWCIS – said they also received a series of grants, including a Town Centre Property Improvement Grant, which helped the organisation take the “natural next step” and bring all its operations under one roof.

Now employing more than 50 staff and representing up to 24,000 carers in Wales, Claire says NEWCIS will continue to go from strength to strength.

“We are delighted to finally open; the process has been a real labour of love, but we are here and proud to be at the heart of Mold’s busy high street,” she said.

“Having such a large space and being on the ground floor makes us even more accessible, which is vital as we have carers who work with people living with dementia and disabilities, many of whom struggled to utilise some of our other bases.

“This location is perfect and gives us the opportunity to move things around when needed for events or larger training groups, and there is also an outdoor area we will look to develop for health and wellbeing projects.

“We hope our presence will be well received, especially the shop as it’s a real blank canvas, the footfall and passing traffic are unlike anything we’ve seen so we want to catch the eye and entice customers in to support us.”

Long-term plans also include a drop-in banking facility and the hosting of classes and workshops, including sewing and crafts, and parent and child sessions.

Claire is confident the move will create additional revenue streams and have a positive impact for years to come, and thanked FFP Solutions for helping them to achieve their vision.

“I would also like to thank Flintshire County Council, Mold Town Council and our amazing volunteers and board of trustees for their support throughout this process,” she said.

“It has taken a lot of time and effort to get to this point and there is more to come as we are going to do this step by step and in phases, but this is the perfect platform for us to do that and achieve our goals.”

Claire added: “We are receiving more than 100 referrals a week and that number is rising all the time, not just in north east Wales but in South Wales, where we are also supporting carers.

“This looks set to continue, especially following the pandemic as so many community and day centres closed for good.

“We will still be working across communities and are looking at opening other hubs in this region to bolster our outreach services, given the demand we are seeing, but for now we want to settle into our new home and continue delivering training, counselling, financial assistance, and advocacy to the tens of thousands of carers and families who need our help.”

FFP Solutions Director Richard Lloyd-Jones congratulated them on the redevelopment and said: “We were happy to play our part in helping NEWCIS acquire this property, it is perfect for their needs and I’m sure will be of great value to the community and their growing network of carers.

“Assisting organisations and businesses of all sizes in securing funding is one of our strengths, and this is another example where our services have been used to realise long-term ambitions – anyone else in that position should definitely get in touch to find out how we can help.”

For more news and information or to support NEWCIS, visit the website www.newcis.org.uk and follow them on social media.

Visit the website www.ffp-solutions.co.uk or email admin@ffp-solutions.co.uk for more information on FFP Solutions.

News

Largest provider of carer services in Wales moves to new 6,000 sq ft Flintshire HQ after doubling workforce

THE largest provider of carer services in Wales unveiled new headquarters following a surge in demand.

The move comes after NEWCIS (North East Wales Carers Information Service) doubled its workforce post-pandemic while receiving more than 100 carer referrals a week from Wrexham, Flintshire and Denbighshire.

The organisation has moved to a nearly 6,000 square foot premises in Mold High Street – formerly Barclay’s Bank – and completely renovated the building to include a shop, offices, meeting rooms, disabled access and a pop-up space for community and health groups to utilise.

NEWCIS was supported by local businesses, notably St Asaph-based FFP Solutions, which helped them secure the funding to acquire the property, and Cilcain’s DC Wolfe Construction Ltd.

CEO Claire Sullivan – approaching 25 years with NEWCIS – said they also received a series of grants, including a Town Centre Property Improvement Grant, which helped the organisation take the “natural next step” and bring all its operations under one roof.

Now employing more than 50 staff and representing up to 24,000 carers in Wales, Claire says NEWCIS will continue to go from strength to strength.

“We are delighted to finally open; the process has been a real labour of love, but we are here and proud to be at the heart of Mold’s busy high street,” she said.

“Having such a large space and being on the ground floor makes us even more accessible, which is vital as we have carers who work with people living with dementia and disabilities, many of whom struggled to utilise some of our other bases.

“This location is perfect and gives us the opportunity to move things around when needed for events or larger training groups, and there is also an outdoor area we will look to develop for health and wellbeing projects.

“We hope our presence will be well received, especially the shop as it’s a real blank canvas, the footfall and passing traffic are unlike anything we’ve seen so we want to catch the eye and entice customers in to support us.”

Long-term plans also include a drop-in banking facility and the hosting of classes and workshops, including sewing and crafts, and parent and child sessions.

Claire is confident the move will create additional revenue streams and have a positive impact for years to come, and thanked FFP Solutions for helping them to achieve their vision.

“I would also like to thank Flintshire County Council, Mold Town Council and our amazing volunteers and board of trustees for their support throughout this process,” she said.

“It has taken a lot of time and effort to get to this point and there is more to come as we are going to do this step by step and in phases, but this is the perfect platform for us to do that and achieve our goals.”

Claire added: “We are receiving more than 100 referrals a week and that number is rising all the time, not just in north east Wales but in South Wales, where we are also supporting carers.

“This looks set to continue, especially following the pandemic as so many community and day centres closed for good.

“We will still be working across communities and are looking at opening other hubs in this region to bolster our outreach services, given the demand we are seeing, but for now we want to settle into our new home and continue delivering training, counselling, financial assistance, and advocacy to the tens of thousands of carers and families who need our help.”

FFP Solutions Director Richard Lloyd-Jones congratulated them on the redevelopment and said: “We were happy to play our part in helping NEWCIS acquire this property, it is perfect for their needs and I’m sure will be of great value to the community and their growing network of carers.

“Assisting organisations and businesses of all sizes in securing funding is one of our strengths, and this is another example where our services have been used to realise long-term ambitions – anyone else in that position should definitely get in touch to find out how we can help.”

For more news and information or to support NEWCIS, visit the website www.newcis.org.uk and follow them on social media.

Visit the website www.ffp-solutions.co.uk or email admin@ffp-solutions.co.uk for more information on FFP Solutions.

Business, Business News, Finance News, Fintech

Swansea Building Society Integrates with Knowledge Bank for Streamlined Mortgage Criteria

In a pioneering move, Swansea Building Society has joined forces with Knowledge Bank. This partnership brings Knowledge Bank’s acclaimed criteria sourcing platform to mortgage intermediaries, enabling effortless, subscription-free access to Swansea Building Society’s wide-ranging mortgage criteria.

This integration allows intermediaries to effortlessly search and view Swansea Building Society’s comprehensive criteria across Residential, Buy to Let, and Self Build mortgages, all from a single, user-friendly interface. Swansea Building Society’s criteria, known for their breadth and inclusiveness, are meticulously maintained and updated through Knowledge Bank’s KB PRO access, ensuring that intermediaries always have the most current information at their fingertips. Access to the Knowledge Bank platform can also be found via the Swansea Building Society website.

The key benefits of this integration include comprehensive criteria access, allowing intermediaries to explore a wide range of criteria addressing all aspects of Swansea Building Society’s lending options. With the convenience of accessing all criteria in one place, intermediaries can streamline their research process, saving valuable time. Real-time updates ensure that any changes made by the lender are instantly reflected on both Knowledge Bank and the lender’s Interactive Criteria Guide, guaranteeing accuracy and reliability.

Swansea Building Society is recognised for offering some of the most extensive and sought-after criteria in the market, catering to a wide range of intermediary queries. The platform is also designed for optimal use on mobile and tablet devices, allowing intermediaries to access information on-the-go. Importantly, intermediaries can access Swansea Building Society’s criteria without needing a Knowledge Bank account.

Shane Chawatama, Sales Director at Knowledge Bank, said:

“We are thrilled that Swansea Building Society, a longstanding supporter of Knowledge Bank, has chosen to utilise our Interactive Criteria Guide. This integration not only enhances the accessibility of mortgage criteria available to intermediaries but also reinforces our commitment to providing innovative, user-centric solutions that drive efficiency and success in the mortgage industry.”

Alun Williams, Chief Executive of Swansea Building Society, added:

“Our partnership with Knowledge Bank reflects our commitment to enhancing the experience for mortgage intermediaries. By providing easy, real-time access to our comprehensive mortgage criteria, we are enabling intermediaries to make faster, more informed decisions. This collaboration underscores our dedication to supporting our customers with the best tools and resources available.”

Intermediaries are encouraged to explore this powerful new tool and experience the benefits of having extensive, up-to-date mortgage criteria readily available. With Swansea Building Society’s Interactive Criteria Guide, making informed and timely lending decisions has never been easier.

Accounts and Accountancy, Business, Economy & Jobs News, Finance News

Leverage Expertise of Accountants to Drive Economic Growth

Reform needed across multiple areas of the UK business ecosystem, led by experts, to drive stable and sustained growth.

 

In ‘Accounting for a better world: An ACCA policy prospectus for the UK’, ACCA sets out clear goals and aims which will help the UK strengthen its position on sustainable business, global trade, AI, and talent retention. Key areas for policy reform are also addressed, including improvements to tax systems, audit, corporate governance, and the public sector.

Highlighting the importance of trusted, forward-thinking regulations and institutions to capitalising on the UK’s growth potential, ACCA calls for urgent reform to the corporate governance landscape, including kickstarting the stalled audit reform process, as well as restoring trust in HMRC.

ACCA lays out a plan covering the following five areas:

  1. Creating a thriving economy in a changing world by supporting business and expanding international trade
  2. Promoting a sustainable and just transition to a new way of doing business that delivers a better world through adoption of international standards
  3. Creating a framework for growth, nurturing a transparent and trustworthy business ecosystem by reforming corporate governance, audit, tax, and public services
  4. Promoting the ethical and responsible use of AI in a safe and transparent environment by developing world leading government legislation
  5. Supporting the development of an ethically motivated, expertly trained, educated accountancy profession to deliver robust business practice and a robust economy

ACCA also supports addressing ongoing late payment issues, mutual recognition of professional qualifications between countries, the introduction of a Skills Tax Credit Pilot, simplification of the UK tax system, and adopting the International Sustainability Standards Board (ISSB) into UK law.

 

Helen Brand, chief executive, ACCA, said: “There is much we can accomplish together when the UK seeks to champion business in an era which is changing forever how businesses operate; how they judge success, and how they measure long-term value. Accountants work in strategically important high-value roles, bringing a breadth of vision and expertise to government, financial institutions, businesses, the public sector and public practice.

“The future of thriving international trade; of sustainable economic growth which benefits all; and of harmonious commercial relations between the UK and rest of world, depends entirely on the strength of a healthy finance profession – with dedicated people who are devoted to the public good. ACCA’s contribution will continue to give the UK – and the world – the accountancy profession it needs.”

Lloyd Powell, Head of ACCA Cymru/Wales, said: “In order to grow and thrive, the UK must look at effective ways of working and doing business that will lead to greater prosperity for the country. The five points set out by ACCA are designed to give a holistic approach to the way in which accountants can assist in improving UK business. As such a diverse profession with a highly strategic skillset, accountants are often well placed to help businesses achieve these aims and can provide valuable analytical and data-driven insights to guide from the ground up – in businesses, accountancy practices, and in influencing wider policy.”

Calling on UK policymakers such as MPs, government officials and agencies, as well as business advisers, financial institutions, public sector bodies and accountancy practices, ACCA lays out a firm foundation for the UK economy.

The full policy prospectus can be found here which expands on each of the five points in more detail.

Visit ACCA’s website for more information.

News

New chairman takes the helm at WeDo Business Services

The former chief executive of a division of Close Brothers has been appointed as the new chairman of ambitious WeDo Business Services.

James Broadhead spent more than 20 years at Close Brothers Motor Finance. He joined in 2000 as operations director and later spent nearly 14 years as CEO of its UK and Ireland business.

Before joining Close Brothers, he worked at Abbey National in a number of roles, including heading its debt recovery business.

He succeeds Hugh Fell as non-executive chairman of the WeDo group. Hugh stepped down after nearly four years in the role.

Mark Lindsay, chief executive of the WeDo group, said: “The board extends its sincere thanks to Hugh for his support of the business over the years and we all wish him well for the future.

“James joins us at an exciting and pivotal time. He has a wealth of experience of leading senior management teams in the lending sector and understands the markets in which we are active and looking to grow, such as asset finance.

“He has operated in regulated environments and has managed stakeholder expectations from shareholders and investor boards alike. His knowledge, experience and skillset will be invaluable to WeDo as we develop the business.

“We have new investors on board, and are shaping our strategy and structure to drive the growth opportunities we have identified, while at the same time ensuring our processes and rigour remain robust.

“James is an excellent fit for WeDo and he is already adding value to the board structure, board reporting packs and development of the team. He will continue to add a new level of professionalism, which he has been used to working at group level in his previous roles.

“Above all, he is excited by our vision and culture, and understands our desire to drive strong sustainable growth.”

The WeDo group has its headquarters in Greater Manchester and additional offices nationwide. It provides invoice and trade finance, asset finance, loans and start-up funding to a growing client base, as well as accountancy, HR, back-office and IT services.

Mark and Chris Robinson founded WeDo in 2019 with just four staff and the business has grown rapidly through organic expansion and acquisition. It currently has over 70 staff across its Oldham headquarters and its network of offices.

Its overall lending now exceeds £50m, and it aims to reach £100m within the next three years. The group’s current nationwide client base spans sectors including recruitment, engineering, manufacturing, logistics and wholesale distribution.

WeDo recently secured £50m in funding which will enable the business to significantly expand its support of small and medium-sized companies across the UK. The funding has come from alternative investment manager Waterfall Asset Management.

James said: “WeDo is a dynamic business which has the ability and means for further substantial expansion. I’m excited to play a part in its growth strategy.

“The team are young and keen to be part of this journey. I was involved in Close Brothers’ growth for over 20 years, and hope I will be able to bring my experience to bear to help WeDo to achieve similar success.”

James is also executive chairman of GT Hub, a Leeds-based independent provider of bespoke vehicle finance to high-net-worth individuals and business owners for sports cars, supercars, classics and collections.

News

London insurance market to benefit from Expleo-ACORD partnership

Expleo, is to provide testing assurance expertise to organisations preparing for Lloyd’s Blueprint Two London market modernisation, through a new partnership with ACORD Solutions Group.

As a member of ACORD’s Licensed Integrator Partner (LIP) programme Expleo will offer strategic assistance to the organisation’s global community in preparation for Blueprint Two – the modernisation programme set to make the London market better, faster and cheaper.

The engineering, technology and consulting services provider brings more than 50 years of experience in quality assurance to its work on this programme and will support dozens of London market participants as they prepare for market-wide modernisation.

Stephen Magennis, Global Head of BFSI, Expleo, said: “Blueprint Two is an ambitious change programme that will revolutionize the sector by harnessing technology to the benefit of more than 400 market participants, helping them face new risks with confidence.

“By joining ACORD Solutions Group’s LIP programme, Expleo is now well positioned at the heart of the London market to support the insurance eco-system with independent testing and assurance on a range of programmes including Blueprint Two.”

Expleo will now work with the LIP community in anticipation of the cutover to Blueprint Two, which is expected in October this year. This will be achieved by leveraging its test assurance capability to assist the community with the adoption of key enablers for Blueprint Two compatibility, including ACORD Global Reinsurance & Large Commercial Data Standards and workflow.

Expleo will also support global organisations in their implementation of a messaging gateway through ADEPT (ACORD Data Exchange Platform and Translator), ACORD Solutions Group’s platform for real-time data exchange, translation, and transformation.

Chris Newman, EVP and Global Managing Director, ACORD Solutions Group, said: “The Licensed Integrator Partner community strengthens the interoperability of the insurance ecosystem through standardised digital data exchange. We are glad to welcome Expleo to the programme as the industry embraces greater connectivity through its digitalisation efforts.”

Accountancy, Accountancy & Accounts, Accounts and Accountancy, FInance, Finance and Banking, Finance News

Over 50% of SMEs say resisting bribery and corruption results in lost business opportunities

  • New research shows 59% of SMEs believe that standing up to bribery and corruption will result in lost business opportunities.
  • However, 67% of UK respondents agree a strong anti-bribery policy boosts customer confidence.
  • 68% of UK respondents say stringent anti-corruption guidelines increase the likelihood of large contracts with big businesses and public sector bodies.

 

A new report from the Association of Chartered Certified Accountants (ACCA), Bribery and corruption: The hidden social evil on your doorstep, delves into the true extent of how bribery and corruption impact small and medium sized enterprises (SMEs) across the world, highlighting the pressing need for enhanced transparency and robust regulatory frameworks.

 

The research shows a high prevalence and deep concern about the damaging impact of bribery and corruption on SMEs, with more than half (59%) of SMEs and their advisers believing that standing up to bribery and corruption will cost them business trade or opportunities. The UK appeared more relaxed, with 46% thinking taking a stand would cost them.

 

Yet the survey also reveals a strong understanding of the benefits of standing up to bribery and corruption. 77% of global respondents, and 67% of UK respondents, agree that having a strong anti-bribery policy boosts customer confidence in their business. Furthermore, 68% globally and 68% in the UK say it increases their chances of getting lucrative contracts with big businesses and public sector bodies.

 

Jason Piper, ACCA’s head of tax and business law, said: “Corruption is a poison; it distorts markets, stunts economic growth, and deters investment.

 

“Many very small businesses don’t have the bargaining power to refuse when small bribes are demanded of them. Entrepreneurs have to choose between paying the bribe or losing the business – and often that is no choice at all for someone trying to support a family.

 

“Our report aims to arm businesses and regulators with the necessary insights and tools to root out corruption and foster an environment of transparency and trust. This could include the use of the latest digital tools. Just as technology is being used by criminals, so regulators and enforcement agencies should embrace it in the battle to detect, prevent and respond to them.”

 

Drawing from a broad spectrum of global data, expert opinions, and real-world case studies, the report explores the multifaceted impacts of corrupt practices on SMEs and economic development. It highlights the severe consequences that businesses can face, including legal penalties and damage to their reputations.

 

The report also considers the effectiveness of current anti-corruption laws and policies across different countries, suggesting that while some progress has been made, much remains to be done to align international efforts.

 

Piper added: “As global markets become increasingly interconnected, the imperative for accountability and ethical business practices becomes more pronounced.”

 

Lloyd Powell, head of ACCA Cymru/Wales, added: “The threat of bribery and corruption is something that businesses across Wales face on a daily basis. The fact our members are reporting improved prosperity through having anti-corruption policies in place is a good start, but there is more we can do to help them moving forward. How best to address modern-day corruption can be confusing, but we hope our latest report will provide some clear advice on how members can identify and prevent such activity.”

 

ACCA hopes this report will serve as a catalyst for change, encouraging entities across all sectors to evaluate their practices and align with the best standards of business conduct. The report is recommended for business leaders, policymakers, and regulatory bodies worldwide committed to uprooting corruption and fostering a fairer business environment.

 

The full report can be accessed here.

 

Visit ACCA’s website for more information.

Accountancy, Accountancy & Accounts, Business, Business Advice, Cardiff, South Wales

Two thirds of UK finance professionals optimistic about AI in accountancy

  • 66% of UK finance professionals believe that AI will allow them to add more value in their roles
  • 42% are concerned about the potential impact of AI on their roles in the future – but this is lower than the global average of 51%
  • 71% of finance professionals are keen for more training on AI to better understand it and integrate it into work

 

Recent research conducted by ACCA, the leading global accountancy body, takes a look at the current state of the UK workplace for finance professionals. Analysing key areas such as remuneration, staff retention, employee wellbeing, AI and diversity and inclusion, the study highlights the state of affairs for the finance profession across the UK.

 

AI has been dominating the conversation for UK finance professionals, but the response has been positive on the whole. Two thirds of survey respondents reported feeling positive about AI, seeing it as a tool to add more value to their roles and reduce data-heavy tasks. The fact that almost three quarters (71%) are keen for more training on how to best use AI demonstrates that the UK’s finance professionals want to understand and utilise AI effectively. Using AI to reduce time-intensive but low value work tasks means more time is freed up for high value work.

 

The pace of change in technology at work was a concern for one fifth (22%) of respondents, who felt overwhelmed by the rapid rate at which technology was advancing and changing.  However, the global average for this was 37%, indicating that UK finance professionals feel more prepared and resilient in the face of change than their global peers.

 

Concerns raised by respondents around AI included job displacement, qualifications taking longer, and the risks of AI such as privacy, security and ethical use of data, as well as potential issues of over-reliance on AI.

 

Alongside AI, ACCA’s survey revealed that finance and accounting employees in the UK are still very much embracing a hybrid work model, with 64% reporting this was their working pattern, almost a third higher than the global average of 41%. Only 21% of those surveyed are working full-time in the office in the UK – globally, that figure jumps to 52%. In the UK, Wales has the highest percentage of workers full-time in the office, at 38%. Only 52% of Wales’ finance professionals work in a hybrid pattern, the lowest of the UK nations surveyed.

 

However, there is a trade-off between productivity and team collaboration highlighted by the survey, with 68% saying working remotely improves their productivity, and 49% saying it makes team collaboration harder. Respondents did cite benefits of being in the office (in addition to improved collaboration) including workplace cultural reinforcement and adoption, particularly for new hires, organic learning and networking opportunities.

 

Joe Fitzsimons, senior manager, Policy & Insights, ACCA UK, and author of the report said: “The responses from UK finance professionals in this survey around AI reflects a growing conversation about how technology will change the future of work. It is positive to see that two third of respondents are optimistic about the role of AI and even more are keen to understand it more through training and upskilling. While UK finance professionals are more optimistic than their global peers, there is still a long way to go in full rollout of AI in organisations, and ACCA will continue to provide insight, research and support for a smooth transition.”

Lloyd Powell, head of ACCA Cymru/Wales, added: “Wales offers a diverse range of opportunities for those working in accountancy roles.

“We know from the many employers that we work with across Wales that attracting and retaining accounting and finance talent is a key focus, and that offering training, professional development and other employee benefits is something they are implementing in a competitive job market. The higher than UK average percentage of workers in the office full-time in Wales is interesting, and we’ll continue to monitor this from an employee and employer perspective.”

Read the full report here.

Appointments, Boardroom News, Business

Change at the Helm: Swansea Building Society Welcomes New Chair

Swansea Building Society has signalled a significant transition in its leadership, as Ieuan Griffiths steps down after six years as Chair and nine years on the Board. Stephen Maddock will take over as the new Chair, bringing fresh perspectives to the role.

During his tenure, Griffiths has been instrumental in helping guide the Society through a period of sustained growth and development, leaving an indelible mark on its operations and strategic direction. His steadfast commitment and dedication to the Society’s mission have been deeply appreciated by colleagues, stakeholders, and the broader community alike.

Stepping into the role of Chair is Stephen Maddock, who brings with him a wealth of experience and expertise in finance and governance. Stephen joined the Society’s Board in May 2016 and has served with distinction ever since. His appointment as Chair, effective May 2024, underscores the Society’s commitment to maintaining the highest standards of leadership and governance.

A Chartered Accountant and a Fellow of ICAEW, Maddock’s professional journey is marked by a distinguished career in the financial sector. Beginning his career at the Swansea office of accountancy firm Deloitte Haskins & Sells, Maddock went on to join Coopers & Lybrand, now PwC, after qualifying. His career culminated in the role of Director of Financial Shared Services for Tata Steel Europe before embarking on early retirement.

In assuming the role of Chair, Maddock brings to bear a profound understanding of financial management, strategic planning, and corporate governance. His strategic vision, coupled with his deep-rooted commitment to the Society’s values, positions him as an ideal steward for the organisation as it continues its mission of serving its members and community.

Outgoing Chair, Ieuan Griffiths, said:

“It has been a privilege to serve as Chair of Swansea Building Society for the past six years. In fact, I’d have loved to have stayed longer but nine years is the maximum allowed on the Board, so it was time for me to step down. I’d like to thank my colleagues for all that they have done during my tenure, not only do they bring expertise, but they contribute – unstintingly – with their time. I’d especially like to thank Society Chief Executive, Alun Williams. Our working relationship has been uncannily good, and there is a culture in the Society that is very caring, which, I believe, underpins its success.

“I am immensely proud of all that we have achieved together during my time on the Board, and I have every confidence in Stephen’s ability to help lead the Society into its next chapter.”

New Chair, Stephen Maddock, said:

“I am honoured to take on the role of Chair at Swansea Building Society. In the six years of Ieuan’s Chair, the Society has changed and grown significantly. I now look forward to working closely with the Board, management team, and staff to build upon the strong foundation laid by my predecessor and help drive the Society forward.

“On behalf of my colleagues, Board, and the Society’s members, we would like to extend our heartfelt appreciation to Ieuan for his invaluable contributions and commitment to the Society.”