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What is the business and finance beat?
Business journalism covers corporate news (mergers, results, leadership changes), financial markets (equities, bonds, currencies, commodities), and the regulation of financial services (the FCA, Prudential Regulation Authority, and related bodies). At the more investigative end it covers corporate governance failures, audit scandals, fraud, insolvency, and the intersection of business and politics.
Business reporting carries legal risks unique in UK journalism: the Market Abuse Regulation creates obligations around price-sensitive information that have no parallel in other beats. IPSO Clause 13 creates specific financial conflict-of-interest obligations. Companies House and court records are invaluable — but can also surface legal sensitivities around ongoing insolvency proceedings. The Financial Services Act 2021 and ongoing regulatory reform make this a fast-moving area.
Why this beat matters
- 1Corporate failures — Carillion, BHS, HBOS — caused enormous harm to workers, pensioners, and suppliers that only emerged because of persistent journalism.
- 2Audit failures are systemic — the profession has consistently failed to catch corporate fraud, and the regulator has been slow to act.
- 3Tax avoidance by multinationals operating in the UK has measurable effects on public service funding.
- 4Financial market reporting affects investment decisions — accuracy and integrity matter more here than in almost any other beat.
- 5The City remains one of the least diverse institutions in British public life — this is itself a story.
Core legal and ethical risks
IPSO Clause 13 — financial journalism
Financial journalists must not exploit price-sensitive information before publication. Must not hold undisclosed positions in securities they cover. Must not buy or sell securities in companies they have recently written about or plan to write about. Many publishers require journalists to clear all personal investment positions through compliance.
Market Abuse Regulation (UK MAR)
Receiving inside information imposes obligations — do not trade on it, be careful about publishing it if it could constitute market manipulation. Seek legal advice before publishing price-sensitive non-public information received from corporate sources, particularly if the company is listed.
Defamation — corporate subjects
Companies can sue for defamation (and must show serious financial loss under the 2013 Act). Allegations of fraud, insolvency risk, or corporate misconduct about a listed company can move its share price — increasing the stakes. Ensure your story is supported by documentary evidence.
Contempt risk in insolvency proceedings
Once a company enters administration or liquidation, court supervision applies. Reporting that prejudices the ability of officeholders to recover assets, or that names parties in contested litigation without care, carries contempt risk. Take advice on active insolvency proceedings.
Gift and hospitality declarations
Business journalists receive invitations to events, product launches, and overseas press trips funded by companies. Many publishers have strict limits on what can be accepted without declaration. IPSO Clause 13 requires disclosure of personal interests — including corporate relationships. Keep a hospitality register and check your publication's policy.
Key data sources for business reporters
Companies House ↑
Annual accounts, confirmation statements, director records, charges, and persons with significant control for all UK companies.
Insolvency Service ↑
Disqualified directors register, insolvency statistics, and individual insolvency register.
FCA Register ↑
Financial Conduct Authority — regulated firms, individuals, and enforcement actions. Check if a firm or person is authorised.
FRC Enforcement ↑
Financial Reporting Council — audit firm enforcement outcomes and accountancy misconduct decisions.
London Stock Exchange ↑
RNS (Regulatory News Service) — all company announcements and regulatory filings by listed companies.
ONS Economic Statistics ↑
GDP, inflation, employment, trade, and business surveys — the primary source for economic context.
FOI ideas for business reporters
- FCA enforcement actions: how many investigations were opened and closed without action in the past two years? (FCA annual report)
- Government contracts awarded to companies with directors who are also political donors — CPAS database and electoral commission returns
- Number of director disqualifications in your region over the past five years (Insolvency Service)
- FRC: how long do audit enforcement investigations take on average from opening to decision?
- Government departments: how much have they paid to the Big Four accountancy firms in consulting contracts in the past three years?
- FCA: what is the average time between a firm receiving a warning notice and the final notice being published?
- HMRC: number of large corporate tax investigations opened, completed, and yielding yield in each of the past five years
Key organisations and contacts
FCA Press Office
Financial Conduct Authority — enforcement actions, authorisation decisions, and market regulation.
Insolvency Service
Director disqualifications, insolvency statistics, and public interest winding-up petitions.
FRC Communications
Financial Reporting Council / ARGA — audit enforcement and corporate governance.
Bank of England Press
Monetary policy decisions, financial stability reports, and bank supervision.
CBI
Confederation of British Industry — business sector commentary and policy.
ICAEW
Institute of Chartered Accountants — accounting standards and audit quality commentary.
Which? / Citizens Advice
Consumer perspective on financial products — useful for business stories with consumer impact.
ShareAction
Responsible investment campaign group — ESG, climate, and shareholder activism.
Interview question bank
For Company spokespeople and PR
- Can you confirm the accuracy of the accounts filed at Companies House for [year]?
- Who are the persons with significant control of this company?
- What is the explanation for the going-concern qualification in your latest accounts?
- Have you received any regulatory notices from the FCA, FRC, or other regulator in the past 12 months?
For Analysts and economists
- Do you hold any position in the securities of the company you are commenting on?
- Has your firm received any fee income from this company?
- What is the basis for your valuation, and what assumptions does it depend on?
- How does this compare to sector peers on a normalised basis?
For Former employees and industry sources
- What specifically concerned you about the way the accounts were prepared?
- Were these concerns raised internally — and what happened when they were?
- Is this practice common across the sector or unusual to this company?
- What documentation exists that supports what you are describing?
Jargon glossary
Story ideas and angles
- 1.Companies House audit: search for companies in your beat area with going-concern qualifications — what's happening to them?
- 2.Director disqualifications in your sector: pull the Insolvency Service list for your industry — who has been banned and why?
- 3.Audit failures: which of the FTSE 350 companies audited by a firm that has received an FRC enforcement notice has seen a restatement of accounts?
- 4.Tax avoidance: using HMRC country-by-country reporting data, identify multinationals with large UK revenues but minimal UK tax.
- 5.Executive pay vs worker pay: compare FTSE 100 CEO remuneration with median employee pay using published annual reports.
- 6.FCA enforcement gap: how many warning notices have not yet resulted in a final notice — and how long have they been outstanding?
- 7.Related party transactions: scan Companies House confirmation statements for your sector for unusual PSC arrangements.
Related guides
Personal Finance Reporting
FCA conduct rules, affiliate links, and consumer finance ethics.
Defamation Risk Checklist
Pre-publication risk for corporate investigations.
Ethics Hub
IPSO Clause 13, conflicts of interest, and editorial standards.
FOI Hub
FOI requests to FCA, Companies House, and government departments.
Primary sources
- IPSO Editors' Code — Clause 13 (Financial Journalism)
- UK Market Abuse Regulation (legislation.gov.uk)
- Companies House — search and filings
- FCA — Financial Services Register
- Insolvency Service — disqualified directors register
- FRC — enforcement outcomes
- Financial Services and Markets Act 2000 (legislation.gov.uk)
Frequently asked questions
What does IPSO Clause 13 require of financial journalists?
IPSO Clause 13 (Financial Journalism) requires that financial journalists must not exploit, for their own profit, financial information they receive before it is published. They must not write about securities they hold (or their close family members hold) without disclosure. They must not buy or sell — directly or through nominees — any securities about which they have written recently or plan to write in the near future. These obligations exist to prevent market manipulation and conflicts of interest. Many publishers go beyond IPSO minimum requirements with their own trading and disclosure policies.
What is the Market Abuse Regulation and how does it affect journalists?
UK MAR (the UK version of the EU Market Abuse Regulation, retained after Brexit) prohibits insider dealing, market manipulation, and unlawful disclosure of inside information. Journalists who receive price-sensitive information (e.g. advance notice of a takeover bid, a profit warning, or a corporate restructuring) before it becomes public hold 'inside information.' They must not trade on it. They should be cautious about publishing — publication can itself constitute market manipulation if the effect is to distort the price of a financial instrument. Journalists investigating listed companies should take legal advice when they are in possession of potential inside information.
How do I use Companies House for business journalism?
Companies House is a primary source for all UK business journalism. It provides: annual accounts (filed by all UK companies); confirmation statements (directors, shareholders, registered address); charges (mortgages and borrowings secured on company assets); and persons with significant control (who ultimately owns or controls the company). Free to search. Paid filings are inexpensive. For older accounts, you may need to pay a small fee to access the digitised document. Always check when accounts were filed — a company that last filed accounts 18 months ago may be in financial difficulty.
What is the FRC and why does it matter for business reporters?
The Financial Reporting Council (FRC) regulates auditors, actuaries, and accountants in the UK. It publishes enforcement outcomes against audit firms, including fines for poor audit quality. The FRC is particularly relevant to investigations of audit failures — cases where auditors signed off on accounts that were subsequently revealed to be misleading or fraudulent (Carillion, BHS, HBOS). The FRC website publishes all decisions and enforcement outcomes. The FRC is being replaced by the Audit, Reporting and Governance Authority (ARGA) — check current status.
What are the etiquette rules around analyst calls and briefings?
Company results calls (often called earnings calls or analyst calls) are frequently made public — either live or via webcast recording. However, some briefings are held on a selective basis for analysts only. Publication of non-public selective briefings can raise market abuse concerns (Regulation FD equivalents in the UK context). In practice: if you have been invited to a briefing because you are a journalist, it is likely public. If you have obtained information from a source who was at a selective analyst briefing, take advice before publishing market-sensitive information.