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We should have done more…

02 January 2018

The FRC has admitted it should have adopted a more proactive approach to its early enquiries into HBOS. In a letter to the chair of the Treasury Select Committee, Nicky Morgan, FRC’s Stephen Haddrill, said it should have stepped forward, rather than relying on other regulators to do their job first.

The FRC has come under pressure after it found no fault with KPMG’s audit of HBOS just before the bank went bust.

Haddrill has also taken on board the criticism that the FRC has “too many people with a background in the major accounting firms we regulate.” We are talking the Big 4 here. He stressed that the FRC is now conducting a further review of this aspect of its governance.

The letter promises that the FRC will be more open about its work in the future.

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