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Paul Moore: Why Griffith-Jones must step down as FCA chairman

In Blog by Ian Fraser2 Comments

April 20th, 2013 Trust in UK financial regulation and auditing cannot be rebuilt unless John Griffith-Jones (pictured right) steps down as chairman of the Financial Conduct Authority, writes HBOS whistleblower Paul Moore, who is also calling for a public inquiry into KPMG’s pre-crash audits of the collapsed bank HBOS. The need for such an inquiry …

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Guest post: The parable of the bailouts

In Blog by Ian Fraser1 Comment

October 18th, 2012 By Tom Nicol ‘Then the flying machines started falling from the sky.’ Once upon a time in the Westerlands, people became aware of a developing phenomenon: flying machines were falling from the sky with a great deal more regularity than was previously the case. Understandably, the people …

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John Kay on the illusory nature of bank profits

In Blog by Ian Fraser0 Comments

16 April 2012 In this speech the economist and author John Kay examined how the financial sector continues to make — or claims to make — returns-on-equity which are way in excess of any reasonable estimate of cost of capital. Kay, a visiting professor at London School of Economics, examined various possible …

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Deloitte and the demise of RBS

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 18 December 2011 One of Fred Goodwin’s first acts on being appointed chief executive of the Royal Bank of Scotland on March 6, 2000 was to sack PWC as auditors and to wheel in his ‘alma mater’, Deloitte & Touche. Ex-insiders suggest this …

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KPMG and the HBOS whistleblower

In Article Library by Ian Fraser1 Comment

By Ian Fraser Published: Sunday Herald Date: 18 December 2011 KPMG was already auditing Halifax when the ex-building society merged with Bank of Scotland a decade ago, and the audit firm took over responsibility for auditing HBOS books from September 2001. The firm fulfilled this function until HBOS had to …

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Big Four finally held to account

In Article Library by Ian Fraser4 Comments

By Ian Fraser Published: Sunday Herald Date: 2 October 2011 The “Big Four” accountancy firms, whose complacency and dereliction of duty were major contributors to the banking crisis that tipped the UK into recession, could be getting their comeuppance at the hands of the European Union. The story of Deloitte, Ernst …

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The horse has bolted, but at least the Lords have started to clear out accountancy’s Augean stables

In Blog by Ian Fraser0 Comments

March 30th, 2011 Here is Lord MacGregor, a former Conservative chief secretary of the Treasury, unveiling the hard-hitting and long-awaited conclusions of the House of Lords Economic Affairs Committee’s report into audit profession. This is an inquiry I’ve been following with interest and which I’ve written on Qfinance (Scrap mark-to-market …