BusinessCompany NewsFSA to follow Europe on quarterly reporting

FSA to follow Europe on quarterly reporting

The Financial Services Authority has admitted that it will take its lead from the EC on whether to incorporate mandatory quarterly reporting into the updated UK listing rules, despite strong opposition to the move.

Link: UK lobby against quarterly reporting grows

Last week the FSA published a progress report on the modernisation of the listing rules. The report, which listed the views of respondents within the UK business community, showed that most were firmly against the idea of obligatory quarterly reports.

However, this has not convinced the FSA which has said it will follow the decision of the European Commission. A spokesman for the FSA said that the rules were being updated in line with European policy and if this provision were included by the EC, it would be backed by the FSA.

There have also been protests from leading figures in the business community.

Peter Montagnon, head of investment affairs at the Association of British Insurers and his French counterpart Pierre Bollon have claimed that quarterly reporting would not improve transparency and could lead to ‘short-termism.’ It is a view backed by Josef Ackermann, chairman of Deutsche Bank, and John Thain, president and co-chief operating officer at Goldman Sachs.

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