EUROPE - The International Corporate Governance Network (ICGN), which represents the interests of pension funds and investors with US$15trn of assets, has called on the European Commission (EC) to rethink guidelines for limiting auditors' liabilities.
In a letter to Charlie McCreevy, European commissioner, internal market and services, and Neelie Kroes, European commissioner, competition, the ICGN, said: "As has been emphasised by the European insurance profession, such a cap will not prevent large/catastrophic losses and will not improve the availability of corresponding insurance coverage."
ICGN urged the European Commission redouble its efforts to ensure the market for audit services in Europe with regard to large, listed companies, was more competitive and more focused on audit quality.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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