FSA concerned over Big Four
The Financial Services Authority has said it would have serious concerns over the merger between Deloitte & Touche and Andersen.
A spokesman told Accountancyage.com: ‘We do have concerns if you have a Big Four – it would be damaging to competition and, perhaps more importantly, for choice of global accounting firms.’
He added: ‘We warned about this situation when Price Waterhouse merged with Coopers & Lybrand.’
Although the FSA does not have regulatory powers over auditing, the accountancy profession and the government will have to take its views very seriously before allowing the merger to go ahead.