Dixon: FRC had no chance of success over HBOS KPMG audit probe

The FRC’s decision not to pursue further action against KPMG over its audit of HBOS is no sign of dysfunctional regulation, says Ross Dixon, partner at law firm Hickman & Rose

Once again, the Financial Reporting Council (FRC) is subject to fierce criticism for its failure to find a culprit for a 2008 bank collapse. The Treasury Committee continues to protest and a number of analysts have suggested that the FRC has been captured by the finance industry and is running from a tough decision that would raise questions over its own adequacy.

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