Costly confusion

摘要

When key elements in our financial regulatory framework are ditched by government the usual justification is the need to cut red tape and reduce burdens on business. This was the well-worn excuse trotted out for the abolition of audit requirements for companies with turnover below £5m and, more recently, the scrapping of the operating and financial review (OFR) as a mandatory requirement for listed companies - even before it came into effect.