Jim Armitage: An apology to a speedy and efficient financial regulator
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Friday 20 December 2013
Outlook An apology is due.
I recently wrote a rather sarcastic article here about the sloth-like pace of action at the Financial Reporting Council. The accountancy regulator was, I suggested, rather tardy in deciding to launch an investigation into the activities of two ex-directors of the collapsed Torex Retail software company. This was because a full six and 11 months earlier, the pair had received stiff fraud sentences.
In the light of further information since that piece, I appreciate that I was being unreasonable.
The FRC yesterday handed down fines on Ernst & Young (or EY as it likes to be known these days) for its role in the scandalous collapse of the Farepak Christmas savings club. Farepak collapsed in 2006 – a full seven years ago. The Torex action was clearly FRC greased lightning.
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