This month, the Financial Conduct Authority (FCA) raised concerns about a banking group, TSB, for charging fees to a deceased person and advising another customer not to buy essentials for their children. These incidents occurred due to a lack of proper training and controls within the bank from June 2014 to March 2020. FCA director Therese Chambers criticized TSB for failing to address these issues promptly.
In Edinburgh, the Summerhall arts venue faced financial trouble with a winding-up order over alleged failure to pay corporation tax. Despite owning the venue, Oesselmann Estates Limited, led by Robert McDowell, denied any tax liability and continues to operate, though certain events have been affected.
Young Enterprise Scotland, a financial education charity, sought emergency funding after the Scottish Government withdrew its grant. The charity claimed last-minute notification about funding changes jeopardized its operations. However, Deputy First Minister Kate Forbes approved emergency funding to ensure the charity’s viability.
Royal Dornoch, a premier golf destination in Scotland, acquired 50 acres of land to expand its course offerings following a member’s suggestion. The club is also investing in a new clubhouse expected to open next year, funded by a package from the Royal Bank of Scotland and the club’s reserves. This expansion coincides with preparations for hosting the 2028 Curtis Cup.
The challenges faced by these organizations highlight the importance of financial oversight, proper funding, and proactive management in maintaining operations and meeting regulatory standards. Despite setbacks, strategic decisions and financial support can help organizations navigate crises and continue serving their communities.