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It has been announced that Sir Win Bischoff, currently chairman of Lloyds Banking Group plc, will succeed Baroness Hogg as chairman of the Financial Reporting Council (FRC).
Notably, as a long term banker, Sir Win is known to be in favour of improved accounting, particularly for the banks. At the launch of a book on the banking industry in 2013 he commented, “We need a return to proper forward loss provisioning. People should be paid on realised profits, not mark-to market (values)”.
The full restoration of prudence as an accounting principle is one of the things for which UKSA has been campaigning over the past few years. Shareholders are among those who have suffered grievously by what in retrospect can be seen as years of false accounting and this must be brought to an end. UKSA has worked with a coalition of institutional investors to improve accounting standards and auditing practice, for both of which the FRC is the UK regulator. We are delighted to welcome this appointment of a man from outside the accounting profession who clearly has views similar to our own.

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