PracticeConsultingRegulation – Mandelson told not to backtrack

Regulation - Mandelson told not to backtrack

Peter Mandelson, the trade and industry secretary, was warned this week against relaxing rules governing accountants and company directors.

Backbench Labour MP Austin Mitchell said Mandelson would be backtracking on a manifesto commitment if he failed to bring in independent regulation of the profession.

‘It will only be independent if it is enshrined in statute,’ Mitchell said. Last month, the DTI published for consultation a modified version of the profession’s plans to maintain a self-regulatory regime.

Mandelson was also warned by insolvency practitioners against weakening bankruptcy laws to the detriment of creditors. Speaking during a US trade visit last week, he said US investors, unlike their UK counterparts, would back businesses with failures behind them ‘because they appreciate the spirit of enterprise’.

Society of Practitioners of Insolvency president Murdoch McKillop said limited liability should only be extended to directors who played by the accepted rules.

View from the House, page 21.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer