Ministers betray business and public trust as they backtrack on audit scandal reform

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Watchdog drops rules to prevent Carillion-style collapse to protect ‘economic growth and competitiveness’

Thousands of Carillion workers lost their jobs when audit failures missed warning signs it could collapse The Government has dropped a key bill which it promised would help prevent corporate scandals such asFinancial Reporting Council , a financial watchdog

City Minister Andrew Griffith said the UK enjoys a ‘strong reputation for high governance standards’ and could hit the UK financial service industry’s competitiveness as it seeks to compete with New York, Frankfurt and other financial centres post-Brexit. The FRC will drop plans for company audit committees to have extra responsibilities for reporting on environmental, social and governance issues

Proposals included stronger rules about how companies are run, backed up with a tougher audit regulator to police the sector in an effort to avert similar collapses., said the move was a “huge blow to the interests of UK businesses and the public”.

 

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