It underlined problems with the long standing 50% rule and looked at rules on advertising, changes for which are already well advanced, but otherwise concentrated its attack on barristers and solicitors.
But the OFT may have been basing its conclusions on some unreliable assumptions.
Firstly, that accountancy is diminishing as a profession because the ICAEW is not growing. If the OFT was to look at accountancy it should be looking at the whole profession.
The real worry now is whether the OFT report is a reliable document on which to base policy measures. And the whole issue of auditor independence appears to have been overlooked. The OFT states support for multi-disciplinary practices, but fails to ask obvious questions about how it affects independence.
It could have been the opportunity to settle this issue in the UK, but unfortunately it was missed.
Three new partners and seven business restructuring advisers have been appointed to the new Preston office
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
The Top 20 firm has recently advised J S Wright, the mechanical and electrical building services specialist
Promotions have been made in the private clients tax team and corporate business team