Tight UK Auditing Market A Red Flag, Antitrust Panel Says

Law360, New York (December 7, 2011, 5:14 PM EST) -- The U.K.'s competition regulator on Wednesday laid the groundwork for its investigation into anti-competitive behavior by accounting firms that work with the country's financial industry, pointing to higher than average market concentration among the Big Four auditors as a potential issue.

The U.K. Competition Commission issued an 11-page issues statement after the Office of Fair Trading referred the market to it for investigation in October. The probe is aimed at determining whether the market has features that harm competition, with a focus on PricewaterhouseCoopers International Ltd.,...
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UK Financial Services

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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.