FCA hauls up auditors over client assets

Audit firms’ performance has come under fire from the head of the Financial Conduct Authority (FCA), who has said audit quality needs to improve ‘urgently’ and warned that some firms are failing to produce adequate reporting on client assets.

Charles Randell, who took over as chair of the financial regulator in April, was speaking on the eve of the 10th anniversary of the collapse of the two US mortgage lenders, which started the global crash and was followed by the demise of Lehman Brothers.