I've already mentioned the derisory fine dished out to PWC that's in the news this morning. Then I noticed this in the FT:
The £1.4m ($2.2m) fine that an accounting industry tribunal has levied on PwC is doubly notable. First, because it is the largest ever of its kind. Second, because it is disgracefully small. PwC, auditor to JPMorgan Securities, failed to tell City watchdogs that the broker was riskily lumping billions of clients' money with its own. This represented “very serious” misconduct, according to the tribunal. But the three worthies, led by Richard de Lacy QC, lacked the backbone to impose an appropriate fine.
Do you want evidence that 'chums' can't regulate 'chums'? Then this is it.
This type of cosy regulation is a neoliberal, market based conceit. It's time for it to go.
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Utterly disgraceful, since, as you pointed out earlier Richard, this amounts to a fine per head of the partners of PwC of virtually nothing. Unfortunately, its also utterly unsurprising.
To whom do we appeal for this though when all political parties appear to be in awe of and deferent to the City, increasingly clearly the real ruler of this country?
Actually RM it’s bad, but it’s not neo liberal market based conceit. This chums judging chums has been going on for years. The ICAEW has been whacking members – but only the small ones, because it is totally controlled by the big four. That’s why no PWC partner at fault has been named in this scandal.