It is clear that the big four financial services firms in the UK treat fines by the Financial Reporting Council as no more than an unwelcome overhead. The Patisserie Valerie auditing scandal has been known about for some time, but Grant Thornton has only just been brought to book over it. Another recent ruling has been against EY for failures in auditing the transport firm Stagecoach in 2017. The 2019 judgements against PWC have proved no deterrent.
These continuing scandals damage London's reputation as a place to do business in and must be a deterrent to long-term investment in companies quoted on the LSE.
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