A PYMNTS Company

UK: MPs ask new CMA head for Big Four break

By  |  May 24, 2018

MPs that led an inquiry into the collapse of construction and facilities management giant Carillion have encouraged the new head of the Competition and Markets Authority (CMA) to look into the possibility of breaking up the ‘Big Four’ accountancy firms. It comes as another committee concluded the government did not appear to be aware of the construction giant’s financial troubles until six months before its collapse.

Andrew Tyrie has been asked to “demonstrate what a new broom you are at the CMA” by asking his staff to start a review “as soon as possible”.

It comes as the Work and Pensions and Business, Energy and Industrial Strategy committees have invited all the witnesses and key stakeholders in their inquiry respond to its findings.

The committees have also asked the chairman of the government’s Independent Review of the Financial Reporting Council, Sir John Kingman, to include the question of whether FRC leadership is equipped to effect the necessary change in the scope of the review.

Full Content: Economia

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.