RegulationCorporate GovernanceRake to preside over audit of Barclays’ business practices

Rake to preside over audit of Barclays' business practices

Former KPMG International chairman Sir Mike Rake is to preside over a "root and branch" audit of Barclays' business practices

Rake to preside over audit of Barclays’ business practices

FORMER KPMG International chairman Sir Mike Rake is to preside over a “root and branch” audit of Barclays’ business practices in the wake of the inter-bank lending rate-fixing scandal.

The review of the bank’s “flawed” practices comes as it announced the resignation of its chairman, Marcus Agius.

Last week, Barclays was fined £290m for attempting to manipulate the Libor inter-bank lending rate – actions which the departing Aegis said had “dealt a devastating blow to Barclays’ reputation”.

Barclays’ board has launched an audit of its business practices that will led by an independent third party reporting to Rake and a panel of non-executive directors.

The audit will include a review of past practices that have been revealed as flawed since the credit crisis started, and it will publish a public report of its findings and will produce a new, mandatory code of conduct.

Sir Mike, who joined Barclays as a non-exec in 2008 before serving as its senior independent director, has been appointed at deputy chairman and is a likely successor to Agius.

He is also chairman of BT.

Related Articles

PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

1y Chris Warmoll, Writer
MPs hear from trio of Big Four firms over BHS advice

Accounting Firms MPs hear from trio of Big Four firms over BHS advice

1y Chris Warmoll, Writer
Friday Afternoon Live: Big Four push into SME space, more Heelgate and our new quiz!

Corporate Governance Friday Afternoon Live: Big Four push into SME space, more Heelgate and our new quiz!

2y Accountancy Age, Reporters
Deloitte ditched as Balfour Beatty and SEGRO pick new auditors

Accounting Firms Deloitte ditched as Balfour Beatty and SEGRO pick new auditors

2y Kevin Reed, Writer
KPMG Switzerland launches internal probe into FIFA audits

Audit KPMG Switzerland launches internal probe into FIFA audits

2y Chris Warmoll, Writer
Five more women added in gender discrimination lawsuit against KPMG US

Accounting Firms Five more women added in gender discrimination lawsuit against KPMG US

2y Fraser Simpson, Reporter
PwC Vatican audit suspended

Accounting Firms PwC Vatican audit suspended

2y Chris Warmoll, Writer
PwC appointed as auditor to probe Vatican finances

Accounting Firms PwC appointed as auditor to probe Vatican finances

2y Chris Warmoll, Writer