FSA labels Higgs report too 'prescriptive'
In something of a surprise attack, the Higgs' report on corporate governance has been heavily criticised by a senior official at the Financial Services Authority.
Link: Higgs’ report special
Ken Rushton, head of listings at the chief city watchdog, criticised the report, according to an article in the FT today.
He described the new responsibilities facing non-executive directors as too ‘prescriptive’ and said they could lead to a ‘one-size-fits-all’ rule book.
Rushton also criticised the Financial Reporting Council, the new independent accounting watchdog, for not undertaking enough consultation on the Higgs review, which is set to be incorporated in the new Combined Code on Corporate Governance.