Accountancy and advisory firm RSM Tenon has announced that it has returned to a “business as usual monitoring relationship” with the Financial Services Authority, following a year in which it faced heightened supervision that impinged on its commercial focus.
In its interim management statement for the third quarter of 2012, the firm said its service line will be afforded “greater time and focus to concentrate on its commercial trading” following the thawing of relations with the regulator.
The business revealed that lacklustre new business has underperformed expectations, which it blamed the approach of the Retail Distribution Review at the end of 2012.
Following a cost cutting drive over the past year, RSM also hinted at further cost-cutting measures, saying: “We continue to take action to ensure that the cost base of financial management is appropriate for its levels of activity.”
This time last year, the RSM Tenon reported “flattened” demand across all areas of its business due to the global economic backdrop of the time.
This summer (14 August), the Financial Reporting Council launched an investigation into the firm’s accounting methods, including “certain members” of the Institute of Chartered Accountants and PricewaterhouseCoopers as the firm’s auditors.
Chris Merry, chief executive of RSM Tenon, said: “We continue to make progress in restoring RSM Tenon to profitability. I am grateful to our clients and staff for their continued support as we build on the changes we have made.
“With new banking facilities in place, we look forward to the future with confidence.”
