I bet the Anglo 3 are really worried now. They might be thrown out of the Institute! Wow, the ultimate sanction. That will teach them.
Frankly, does anyone feel the public are going to be at all convinced by a report from a self-regulatory body after the Financial Regulator fiasco?
As a member of the ICAI, I think that the future of self regulation very much depends on the quality of this investigation and the sanctions imposed IF any breaches are uncovered.
It will be very difficult - But it could work if the process is seen to be fair and objective and there are real sanctions for breaking the rules.
What we don't need is a wishy-washy report blaming 'procedures' and hiding behind 'Legal advice' etc. - we need names and details of exactly what went wrong. But will we get this ??
Self regulation doesn't work. End of. Members of golden circles aren't going to punish their golfing buddies more than giving them a symbolic rap on the knuckles.
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