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Loss of trust

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Signet Magazine Date: July 16th, 2012 (minor edits March 28th, 2013) Scottish banking was once renowned for prudential management. Today the association is rather different. Financial journalist Ian Fraser gives his view of events behind the collapse of RBS and HBOS and calls for a Leveson-style …

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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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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 …

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Banking’s Abu Ghraib

In Blog by Ian Fraser11 Comments

3 October 2010 A fourth person has been arrested in relation to Thames Valley Police’s Operation Hornet investigation into “corruption and large-scale fraud in connection with HBOS”. [Note: comments on this post have been disabled and earlier comments from witnesses removed as a result of police investigation “Operation Hornet”. Ian …

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The secrets and lies of Gordon Brown

In Blog by Ian Fraser5 Comments

18 April 2010 Gordon Brown’s hypocrisy towards the banking sector knows no bounds. The doomed prime minister recently branded the investment bank Goldman Sachs as “morally bankrupt” and asked the FSA to investigate. Yet Brown has ignored corruption and moral bankruptcy closer to home. Has he “forgotten” that, eighteen months …

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Are ‘Big Four’ accountants a waste of space?

In Blog by Ian Fraser4 Comments

Updated 5 April 2009 From the evidence submitted to the Treasury Select Committee’s inquiry into the banking crisis, one might conclude that the profession of accountancy as practiced in the UK is past its sell-by date, clinging to the vestiges of power and influence by its fingernails and in urgent …

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“Bling” Crosby’s day of reckoning

In Article Library by Ian Fraser0 Comments

By Ian Fraser Published: Sunday Herald Date: 15 February 2009 This charade of apology is a diversion from bankers’ role in financial destruction EDITH Piaf’s “Non, Je Ne Regrette Rien” seems to be the theme tune for Britain’s banking fraternity right now. The unfab four – Lord Stevenson, Andy Hornby, …

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Time to audit the auditors — and especially KPMG?

In Blog by Ian Fraser3 Comments

8 January 2009 The House of Commons Treasury Select Committee is to cross-examine representatives of the audit profession later this month as part of its investigation into the banking crisis — and it is not before time. At the January 28 session, senior accountants will be grilled over their role …