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Advisers call for further investigation into FCA chair over HBOS audit

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Advisers are calling for FCA chairman John Griffith-Jones to face further investigation over his role in auditing HBOS when chairman of KPMG Europe.

Last week, the Parliamentary Commission on Banking Standards slammed the “catastrophic failure” of HBOS.

The FSA decided not to investigate HBOS auditors, leaving the matter to the Financial Reporting Council. The FRC will consider an investigation into KPMG once the FCA publishes its own report later this year.

Griffith-Jones worked for KPMG from 1975 to 2012 in auditing and corporate finance, most recently as joint chairman of KPMG Europe.

Labour MP and Treasury select committee member Ter­esa Pearce says: “The problem with all these appointments is it is like musical chairs; it is the same guys moving around from post to post. You cannot change the culture if you just keep reshuffling the pack. We need real diversity to bring in fresh thinking.”

Facts and Figures Financial Planners managing director Simon Webster says: “His involvement should be investigated and if he was found to have signed off on the toxic HBOS audit report in any way, he should resign or be fired.”

Forty Two Wealth Management owner Alan Dick says: “If he conducted an audit and he signed off on it then he should resign but just because he was chairman does not mean he went through every audit.”

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