In an interview with Accountancy Age’s sister title Financial Director, he called on the competition authorities in Europe and the US to examine the Big Four’s hold on the market.
Davies said the FSA had ‘considerable concerns’ about the lack of competition for audit services, ‘though it’s not easy to do anything about it in one country,’ he explained.
‘The difficulty is that it is a global issue and probably only the merger taskforce at the EU and US Department of Justice can take this on effectively. I hope that in due course they do.’
He believes the competition authorities are ‘waiting for things to settle down’ before competition issues ‘ come back on the agenda’.
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
Colin responds to the call for 'Darwinism' in accountancy
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team