Big Five aid City shake-up
Partners from the Big Five are playing a pivotal role in rethinking new listing rules for the London Stock Exchange, according to the Financial Service Authority's director of listings.
Ken Rushton, just seven months into the job, is to begin an 18-month review of the UK rules which started with a comparative study of seven listing regimes carried out by partners from PricewaterhouseCoopers.
The study will consider issues close to the heart of accountants, including auditor rotation and rules for disclosure.
Rushton says the review will not be a ‘blitz’ on the rules and does not start from the ‘assumption that everything is wrong and bad at the moment.’
‘But, I’m always looking for ways to improve (our regime)’, he added.
Before joining the FSA, Rushton was director of the Institute of Business Ethics, a charity, and before that company secretary at ICI.
Rushton said many obstacles, especially those presented by the European Commission, will have to be overcome before any new rules are enforced.