RBS uses a high percentage of accounting contractors

Contractor accountants may be interested to learn that an accidentally sent email revealed that the Royal Bank of Scotland is using the services of more than 3,000 contractors.

Details of the contractors, who work in accounting, finance and IT, were accidentally sent to RBS employees by a member of staff at the recruitment firm Hays. The email showed that some contractors received a daily pay rate of £2,000.

Reports say that the unusually high number of contractors was due to the bank preparing to sell off non-core businesses as well as the winding down of toxic loans.

Chris Leslie, the shadow Treasury minister, said this use of consultants was not only expensive but they were also obviously being used as substitutes for full-time members of staff.

A spokesperson for RBS said it was very disappointed that this information had been leaked by its supplier. Hays also says it’s taking the leak seriously and has apologised to the bank and launched an internal inquiry into how this could have occurred.

Meanwhile, accounting software giant Sage has lost its bid to take over MYOB, the Australian finance software provider. Sage was considered to be the preferred bidder until Bain Capital, the US private equity business, stepped in with a better bid.

MYOB’s UK arm was bought by Wolters Kluwer, the publishing and software company, in 2007 and all brands were phased out before the end of 2008.

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