In his report, retired Court of Appeal judge Sir Christopher Clarke urges the Financial Reporting Council to impose greater fines on the “Big Four” audit firms. Hannah said the report may “represent the beginning of a significant change in the UK’s regulatory response to economic wrongdoing”. Read the full article by The Telegraph, Watchdog urged to get tougher on Big Four with prospect of £10m-plus fines here.

See further coverage by Reuters and The Times.