Sir Howard: A legacy at the FSA

Link: FSA begins task of rebuilding the profession

If the reports are correct, then Sir Howard will leave behind a series of ongoing in-depth reviews, such as that of the listing rules, which will radically change the world of UK plc and the work of accountants.

Besides the internal reviews, Davies is also heavily involved in the government reviews into auditor independence and the structure and funding of the Accountancy Foundation, the industry’s independent regulator.

Accountancy Age learned earlier this year that Davies is in talks about the FSA taking over the financing of the profession’s watchdog.

The intention is to improve the profession’s image by switching the funding of the existing regulatory structure from the six accountancy institutes to the FSA.

The FSA is refusing to comment on the rumours, but the London School of Economics, where Davies is expected to become director, has not denied the report.

Earlier this year chancellor Gordon Brown announced that the appointment of Davies, as chairman of the Financial Services Authority, has been extended until 31 January 2004.

Brown said: ‘At a time when the FSA has just taken on its full regulatory powers and is establishing itself as a fully independent single regulator it is invaluable to have Sir Howard remaining in post with his breadth of experience.’

Davies, former deputy governor of the Bank of England became FSA chairman on 1 August 1997. Prior to this announcement, he was due to step down on 31 July 2002.

The board of the FSA is appointed by the Treasury.

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