FRC comments on OFT Statement regarding Audit Market Competition
News types: Policy Statements, Response
Published: 17 May 2011
FRC PN 334
Commenting on the statement by the Office of Fair Trading (OFT) on the next steps it is taking in relation to concentration issues in the audit market Stephen Haddrill, Chief Executive of the Financial Reporting Council (FRC), said:
“We welcome the OFT’s announcement. Having explored ideas for addressing these issues through our Market Participants Group it has become clear to us that the competition authorities are better placed than audit regulators to tackle competition concerns.
“The OFT will bring both expertise and a fresh perspective to an area of real importance to the future success of our capital markets.”
Notes to Editors
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
Document created under a former FRC operating body.
Commenting on the statement by the Office of Fair Trading (OFT) on the next steps it is taking in relation to concentration issues in the audit market Stephen Haddrill, Chief Executive of the Financial Reporting Council (FRC), said:
“We welcome the OFT’s announcement. Having explored ideas for addressing these issues through our Market Participants Group it has become clear to us that the competition authorities are better placed than audit regulators to tackle competition concerns.
“The OFT will bring both expertise and a fresh perspective to an area of real importance to the future success of our capital markets.”
Notes to Editors
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
Document created under a former FRC operating body.