15 days ago
I fear that the answer is not very much. Not because it shouldn’t but because the penalties handed out by the FCA are so utterly piffling. The FCA wants us to get excited as former Carillion CEO Richard Howson was yesterday fined £237,700 for his part in misleading statements being issued by his company. Put that in context. In his last full year in charge Howson trousered a total package of £1.5 million. His payoff when he left as the firm collapsed in 2017 was £660,000. He was CEO for five and a half years and his net wealth must be closer to £10 million than to £5 million. This fine is a drop in the Ocean.
1603 days ago
This is a shocking revelation which I discuss in detail. It shows the Big 4 accountancy firms are actually incentivising partners to engage in risky and incorrect business practices by indemnifying them against all costs if they are found out. The Big 4 then treat such fines as just another cost of doing business. What is going on is a disgrace which expses the moral bankruptcy at the heart of the accountancy establishment and must force the FRC to rethink punishments. I also discuss Ariana Resources (AAU) and why it needs no PR but especially the shysters it currently uses, the deafening silence at Chill Brands (CHLL) which marks it out as a zero and Union Jack Oil (UJO) where I suspect it is tme to give up and look elsewhere in the sector.
