Comments on: The FSA/PwC investigation into RBS ‘bad decisions’ is a joke, right? http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/ Journalist, Blogger, Broadcaster Thu, 17 May 2012 17:55:33 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: The FSA has a phenomenal track record of botched jobs – must read article from 2010 | MF Global UK Clients http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-97275 The FSA has a phenomenal track record of botched jobs – must read article from 2010 | MF Global UK Clients Fri, 17 Feb 2012 00:09:20 +0000 http://www.ianfraser.org/?p=2515#comment-97275 [...] The Financial Services Authority’s obsession with “light touch”, laissez-faire regulation in 1997-2008 did more than anything to transform London into the “Wild West” of  finance. US investment banks dramatically built up their presences in the UK capital in the period: they knew they could rely on the FSA to turn a blind eye to fraud, insider trading, deceptive accounting, over-leverage and other misdemeanours that were unlikely to be tolerated back home. That’s why they called London the “Guantanamo Bay of finance“. Continue reading… [...] [...] The Financial Services Authority’s obsession with “light touch”, laissez-faire regulation in 1997-2008 did more than anything to transform London into the “Wild West” of  finance. US investment banks dramatically built up their presences in the UK capital in the period: they knew they could rely on the FSA to turn a blind eye to fraud, insider trading, deceptive accounting, over-leverage and other misdemeanours that were unlikely to be tolerated back home. That’s why they called London the “Guantanamo Bay of finance“. Continue reading… [...]

]]> By: Ian Fraser: On Banking, Cameron is Clueless | Jackpot Investor http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-96587 Ian Fraser: On Banking, Cameron is Clueless | Jackpot Investor Wed, 05 Oct 2011 17:01:38 +0000 http://www.ianfraser.org/?p=2515#comment-96587 [...] has failed even to publish the findings of its supposed “investigations” into why banks like Royal Bank of Scotland and HBOS failed, largely, it seems, due to its own complicity in their [...] [...] has failed even to publish the findings of its supposed “investigations” into why banks like Royal Bank of Scotland and HBOS failed, largely, it seems, due to its own complicity in their [...]

]]> By: Ian Fraser: On Banking, Cameron is Clueless | Freedom Developers http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-96584 Ian Fraser: On Banking, Cameron is Clueless | Freedom Developers Wed, 05 Oct 2011 16:25:16 +0000 http://www.ianfraser.org/?p=2515#comment-96584 [...] has failed even to publish the findings of its supposed “investigations” into why banks like Royal Bank of Scotland and HBOS failed, largely, it seems, due to its own complicity in their [...] [...] has failed even to publish the findings of its supposed “investigations” into why banks like Royal Bank of Scotland and HBOS failed, largely, it seems, due to its own complicity in their [...]

]]> By: Ian Fraser: On Banking, Cameron is Clueless « naked capitalism http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-96581 Ian Fraser: On Banking, Cameron is Clueless « naked capitalism Wed, 05 Oct 2011 13:56:17 +0000 http://www.ianfraser.org/?p=2515#comment-96581 [...] has failed even to publish the findings of its supposed “investigations” into why banks like Royal Bank of Scotland and HBOS failed, largely, it seems, due to its own complicity in their [...] [...] has failed even to publish the findings of its supposed “investigations” into why banks like Royal Bank of Scotland and HBOS failed, largely, it seems, due to its own complicity in their [...]

]]> By: Turquoise http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-89659 Turquoise Tue, 07 Dec 2010 14:56:27 +0000 http://www.ianfraser.org/?p=2515#comment-89659 Corporate governance all tickety boo! Right to the top. Well, I suppose Phil Flynn, Chairman of Bank of Scotland (Ireland) did promptly resign in 2005, over an investigation into moneylaundering of the Northern Bank robbery. At the time Shane O'Riordain, the main spokesman for HBOS, said: "This is an issue that was very comprehensively dealt with by Phil Flynn and HBOS in February." He said Mr Flynn had been appointed by the Irish government to be chairman of the state-owned ICC Bank, which was acquired by Bank of Scotland in 2001. "He has sat on a number of government bodies in Ireland. He has moved in high circles in Ireland - he is by definition a fit and proper person," Mr O'Riordain said. Yes of the highest standards in Ireland's 'high circles; No charge was made of Flynn, altho' he did 'fess up to a pen-gun (yes) with several rounds, which he had kept in his office for over 30 years. Meanwhile, his fellow-director in profitable Chesterton Finance, Ted Cunningham was finally sentenced in 2009, to 10 years for money-laundering. In interviews, Flynn had claimed he had 'checked out Chesterton, and it was clean' before he became executive Director. Corporate governance all tickety boo! Right to the top.

Well, I suppose Phil Flynn, Chairman of Bank of Scotland (Ireland) did promptly resign in 2005, over an investigation into moneylaundering of the Northern Bank robbery. At the time Shane O’Riordain, the main spokesman for HBOS, said: “This is an issue that was very comprehensively dealt with by Phil Flynn and HBOS in February.” He said Mr Flynn had been appointed by the Irish government to be chairman of the state-owned ICC Bank, which was acquired by Bank of Scotland in 2001. “He has sat on a number of government bodies in Ireland. He has moved in high circles in Ireland – he is by definition a fit and proper person,” Mr O’Riordain said.

Yes of the highest standards in Ireland’s ‘high circles; No charge was made of Flynn, altho’ he did ‘fess up to a pen-gun (yes) with several rounds, which he had kept in his office for over 30 years.
Meanwhile, his fellow-director in profitable Chesterton Finance, Ted Cunningham was finally sentenced in 2009, to 10 years for money-laundering. In interviews, Flynn had claimed he had ‘checked out Chesterton, and it was clean’ before he became executive Director.

]]> By: Paul http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-88818 Paul Sat, 04 Dec 2010 19:32:45 +0000 http://www.ianfraser.org/?p=2515#comment-88818 @Scott I suspect this guy has Vince Cable figured out - http://theappallingstrangeness.blogspot.com/2010/12/real-vince-cable-stands-up.html @Scott

I suspect this guy has Vince Cable figured out – http://theappallingstrangeness.blogspot.com/2010/12/real-vince-cable-stands-up.html

]]> By: Scott http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-88416 Scott Fri, 03 Dec 2010 09:56:58 +0000 http://www.ianfraser.org/?p=2515#comment-88416 Another fantastic article, Ian. The Tory election bluster of "never again" is now laughable. No surprise there, but whatever happened to the championing Mr Cable? I believe he's due to appear on Strictly Come Dancing in the near future, which says it all really. Another fantastic article, Ian. The Tory election bluster of “never again” is now laughable. No surprise there, but whatever happened to the championing Mr Cable? I believe he’s due to appear on Strictly Come Dancing in the near future, which says it all really.

]]> By: Jonathan Charley http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-88294 Jonathan Charley Thu, 02 Dec 2010 20:31:16 +0000 http://www.ianfraser.org/?p=2515#comment-88294 PwC is also the largest provider of management consultancy to RBSG, so it would put them in a commercially difficult position to find RBSG guilty of inappropriate behaviour, particularly as large number of senior excutives are still at RBSG who were around at the time of the ABN-AMRO acquisition. PwC is also the largest provider of management consultancy to RBSG, so it would put them in a commercially difficult position to find RBSG guilty of inappropriate behaviour, particularly as large number of senior excutives are still at RBSG who were around at the time of the ABN-AMRO acquisition.

]]> By: Eric Arthur Blair http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-88219 Eric Arthur Blair Thu, 02 Dec 2010 12:22:44 +0000 http://www.ianfraser.org/?p=2515#comment-88219 Blinding work Ian. Your recent articles support one of Wikileaks' central goals: to expose the institutionalised corruption that, despite the crash of 2008, remains endemic in the management of financial institutions and the revolving door (public -> private -> public etc) of those in positions of power and influence (as well as their ability to avoid legal sanctions and retain their accumulated wealth). We the taxpayers / investors / depositors are the mugs who continue to provide this gangrenous financial system with liquidity, from outrageous "rents" that continue to be extracted. E.A.B. Blinding work Ian. Your recent articles support one of Wikileaks’ central goals: to expose the institutionalised corruption that, despite the crash of 2008, remains endemic in the management of financial institutions and the revolving door (public -> private -> public etc) of those in positions of power and influence (as well as their ability to avoid legal sanctions and retain their accumulated wealth). We the taxpayers / investors / depositors are the mugs who continue to provide this gangrenous financial system with liquidity, from outrageous “rents” that continue to be extracted.

E.A.B.

]]> By: Graham Senior-Milne http://www.ianfraser.org/the-accountancy-profession-is-in-urgent-need-of-an-overhaul/comment-page-1/#comment-88081 Graham Senior-Milne Wed, 01 Dec 2010 12:42:53 +0000 http://www.ianfraser.org/?p=2515#comment-88081 Hi Ian, A very well-written article. I don't think any reasonable, independent and fair-minded person would contest that the accountancy profession has proved that it is incapable of regulating itself. Trust is at the core of the financial world and reform is needed urgently to restore it. Hi Ian,

A very well-written article. I don’t think any reasonable, independent and fair-minded person would contest that the accountancy profession has proved that it is incapable of regulating itself. Trust is at the core of the financial world and reform is needed urgently to restore it.

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