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“Big Four” auditors expect investigation

The “Big Four” accountancy firms are expecting to be investigated by the Competition Commission, according to The Daily Telegraph.

The Office of Fair Trading is expected to announce today that PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte will referred to the Competition Commission, according to the paper.

The House of Commons has previously raised concerns about the dominance of the four firms, which audit nearly every FTSE 100 company.

According to The Daily Telegraph, around a year ago, the House of Lords economic affairs committee set up an inquiry into the role the four firms played in the run-up to the financial crisis

It adds that chairman Lord MacGregor reported that the committee’s “principal recommendation was that the OFT should investigate the audit market in the UK, with a view to a possible referral to the Competition Commission.”



Why are not taken up rates so high?

Getting more customers to buy protection products seems to be a never-ending challenge. The public still generally believes the state will support them and until the Government openly says otherwise and we do more to promote what we do, many will prefer to pay for Sky TV and Buster’s pet insurance than for critical-illness cover. […]

Alliance of Mortgage Packagers and Distributors shuts down

The Alliance of Mortgage Packagers and Distributors has decided to stop its operations due to the slump in the mortgage market. AMPD was established in 2006 as a collective group of specialist packagers and distributors. It claims to have completed more than £8bn in mortgage completions since its inception. Director Liza Campion says: “This is […]


MPs slam “disturbing” fall in HMRC service levels

Budget cuts and inflated expectations of IT projects have lowered the quality of HMRC’s interaction with the public to unacceptable levels, according to the Treasury select committee. In a report published today, Administration and effectiveness of HM Revenue and Customs, the committee says the evidence it has received in its inquiry had been “disturbing”. It […]

India Election Update

What a difference six months makes. Speaking in September last year, we had warned of ‘excessive pessimism’ afflicting the market’s perception of India. Since then, responsible central bank policy from the Reserve Bank of India (RBI), alongside improving global growth, has meant that India’s macro environment is strengthening quickly. The current account deficit has shrunk, inflation is falling and the government has embarked on a heavy dose of much needed fiscal consolidation. As a result, the rupee has been one of the strongest global currencies this year while the market has touched all-time highs, rallying by more than 20 per cent (GBP) since September. This begs the question: are we now in a period of ‘irrational exuberance’? Not yet.


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