Not before time, say many, but one wonders whether a Tory government which owes so much to finance manipulators can make any meaningful reforms. It is not just that the Big Four have stifled competition, dividing most of the audit bussiness between them. The major charge is that the companies (PWC, Deloitte, EY and KPMG) allow their lucrative employment as financial advisors to businesses to affect their judgment when auditing those companies. (See virtually any Private Eye magazine.) There is also disquiet that the four have too many consultancy contracts with government.
One notes that the regulators in India have already started looking at splitting up the Big Four there.