What has Archegos’ blight on Credit Suisse and five other non-UK banks got to do with UK shareholders?  If the same activity along with the same lack of transparency exists in the UK, UK banks could be greatly exposed without their shareholders and customers being any the wiser.

The Department for Business, Energy & Industrial Strategy (“BEIS”) has issued a 232-page consultation document “Restoring trust in audit and corporate governance” which you can download from the gov.uk website by clicking this link.  

What can you do?

Another audit reform improvement that the FRC is cracking on with. UKSA suggests that reports on audit quality and quality management should be made to the shareholders

UKSA has now filed its response to the third and latest of a series of major consultations putting the future of financial services under the spotlight. A recurring theme is that regulation needs to put people first – to encourage wealth creation for the benefit of all and not wealth extraction for the benefit of a few.

On 26 February the UK Government announced that it had completed the final £5 billion sale of Bradford & Bingley plc and NRAM Limited (formerly Northern Rock) and their remaining loans, acquired by the taxpayer as a result of the financial crisis.