Baker Tilly declines to reveal professional indemnity insurance claims

One chartered accountancy and business adviser firm recently announced that its yearly results matched the expectations of its management board.

Baker Tilly UK neglected to release any details on claims related to professional liability insurance matters.  It also declined to reveal any costs incurred from professional indemnity insurance claims made against the firm.  Baker Tilly stated this was because doing so would be seriously prejudicial to the LLP’s position.

Regardless of the costs the firm incurred due to business insurance claims, profits were up in comparison to the previous year.  While the LLP made £2.8 million in the 2008-2009 financial year, this year’s profits compared favorably at £3.4 million.

This past November the disciplinary body for the accountancy industry investigated Baker Tilly.  The Accountancy & Actuarial Discipline Board carried out an investigation of the audit Baker Tilly conducted of commercial electric vehicle manufacturer the Tanfield Group.

The firm made the confirmation that it would be changing the pension benefits made available to members.  Starting from the end of March of this year the firm made the decision to close its defined benefit pension scheme for future accrual of benefits.  All of its members were affected by the decision.

From April of this year the firm provided an alternative.  A defined contribution scheme was provided for all its employees instead.

Baker Tilly is an accountancy firm with more than 1,600 employees across the UK.  The firm has over 260 partners.  It generates a fee income of approximately £190 million annually.  The firm operates out of a network consisting of 28 individual offices across the length and breadth of Britain.

Baker Tilly also operates outside the UK in 110 countries.  Its global network consists of nearly 150 member firms which work together to assist its clients in any marketplace overseas.

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