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.

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