UK Watchdog To Probe Competition In Auditing Sector

Law360, New York (May 17, 2011, 12:46 PM EDT) -- Antitrust regulators in the United Kingdom on Tuesday said the audit market in the country, dominated by the so-called Big Four firms, is restricted and distorted and that they could refer the matter for a broader investigation.

The U.K. Office of Fair Trading said that it would first determine whether there were any remedies that it could take to ease the constriction of the audit market before referring it for an investigation by the U.K. Competition Commission. The U.K. auditing industry is dominated by four firms,...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.