PracticeConsultingThe Big Question – FDs opposed to self-regulation reforms

The Big Question - FDs opposed to self-regulation reforms

Less than a third of finance directors agree with government’s plan to impose a non-accountant majority on the new regulatory regime for accountants.

This week’s Accountancy Age/Reed Accountancy Personnel The Big Question showed that only 29% of finance directors support the government’s new regulatory regime. It will place the UK’s 200,000 accountants under the control of three boards ruled by 60% lay majorities.

Accountants have expressed fears that lay members in the new regime will not be able to understand the complexities of the profession.

One finance director, who asked not to be named, said: ‘If the majority are not in the accountancy field, they are not going to know what the standards should be.’

Others argued the existing self-regulatory regime had stood the test of time. Neil James of A B Controls said: ‘I don’t see any need for change.’

Some, however, supported the new watchdog. One said: ‘Accountants can become too involved in technical details.’

The plans were opposed by 46% of respondents, while 25% said they were neutral.

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