PracticeConsultingTHE BIG QUESTION – Narrow majority of FDs back continuance of self-regulation.

THE BIG QUESTION - Narrow majority of FDs back continuance of self-regulation.

The majority of finance directors are opposed to an independent regulatory watchdog for the profession, according to The Big Question.

In the poll conducted by Accountancy Age and Reed Accountancy Personnel, 51% of the 200 FDs questioned voted against an end to self-regulation.

But 40% voted strongly in favour of an independent regulatory body.

Raymond Marks, FD of VA Research, was strongly against the introduction of an independent body. ‘The government is not well qualified to administer the activities of accountants. I would expect the service to diminish’, he said.

Tony Watford, of Craton Lodge & Knight, insisted the present self-regulatory structure is sufficiently effective. ‘Self-regulation has worked in the past and I cannot see any real benefit of a further tier,’ he said.

Stuart Chapman, of International Baccalaureate, said a government watchdog would be ineffective. ‘The present system should continue and anyone who feels aggrieved can resort to legal action’, he added.

‘Self-regulation is an invitation to fraud’, claimed Rex Orr, of Brighton-based Riverdale.

Gary McQuoid, of BKS, said the creation of an independent regulator would ‘show that we have nothing to fear’.

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