- 2018 National Retired Members Conference
- 15 June 2018
Conference notes the view of the Local Authority Pension Fund Forum that the Financial Reporting Council has been too cosy with the Confederation of British Industry (CBI) and the Big Four accountancy firms. This is set against a background of growing concerns about the state of the accounting and auditing professions after a string of scandals such as the collapse of the construction company Carillion and the retailer BHS Ltd.
Conference further notes the recommendation of the Local Authority Pension Fund Forum that the Financial Reporting Council should be put in special measures and run by commissioners until it can be abolished and replaced by a fully independent agency.
In addition local authority pension funds have been engaged in a long-running dispute with the Financial Reporting Council, arguing that the commonly used International Financial Reporting Standards fail to provide a true and fair view of a company’s financial position.
Therefore Conference calls on the National Retired Members’ Committee to work with the National Executive Council and Labour Link to raise these issues and call for a fully independent accountancy watchdog.