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The FRC has got it right as it slams PWC with £6 million fine but also names, shames & fines individual - Nicholas Boden

By Tom Winnifrith, The Sheriff of AIM | Wednesday 16 August 2017


 


Back before the world went crazy in the nineties when folks committed or abetted financial wrongdoing they were named, shamed and punished as individuals. That was a real deterrent to crime. Then the world changed and we started fining corporations, banks, accountants and other advisers. The regulators announce seemingly large fines which meant they got newspaper headlines and seemed smart. But the banks and other advisers just treated the fines as a cost of business and so were not deterred from breaking the rules going forward. At least my very good friends at the Financial Reporting Council seems to appreciate that. The FRC is, as such, the UK's best regulator.


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