UK: Financial chief to step down

According to a report from Reuters, Stephen Haddrill is to step down as chief executive of the Financial Reporting Council (FRC) just as a root-and-branch review of what British politicians have called a “timid” watchdog nears completion.

Haddrill has been head of the regulator that oversees accountants, actuaries and how companies apply good governance codes for nearly nine years. The FRC stated the exact date of his departure in late 2019 would partly depend on the outcome of the Kingman review.

John Kingman has been asked by the business ministry to look at whether the FRC needs more powers to stop a repeat of corporate failures like construction company Carillion and retailer BHS – or if more radical change in supervising accountants is needed.

Britain’s Competition and Markets Authority (CMA) is due to publish initial findings by year end on its fast-track probe into competition in the audit sector after lawmakers called on the CMA to consider breaking up the Big Four accounting firms.

The Kingman review and the CMA probe are seen as packages to help to improve audit standards and keep Britain an attractive place to invest as it departs from the European Union next March.

Full Content: Reuters