cityam.com/kpmg-rubbishes… You have to ask yourself if Mark Phillips QC or any lawyer representing banks or large firms, actually believe the guff they produce in Court. Almost spat my coffee out this morning when I read the following quote...
Mark Phillips QC said it didn't make sense to act inappropriately or lie to regulator. “Costley-Wood had nothing to gain from losing trust & confidence from the regulator that he has to work with for rest of his career.If anything he was motivated to be honest with the regulator”
KPMG or any regulated entity or person, have EVERYTHING to gain by lying to or misleading regulators. Firstly, if a lie is required it means it must be beneficial to the individual, and/or their employee and/or their client. Any reasonable person understand this....
Secondly, as we are seeing across the spectrum of regulatory bodies, the regulated firm or persons, know that their regulator is incredibly unlikely to tack any action because a) likely exposed if they act, for failing to detect same behaviour or punish it previously....
b) The persons working for the regulator or in the positions of ultimate decision making at the regulator are conflicted, having invariably worked for regulated firms previously & likely did the same themselves, & therefore implicated personally in other cases, if they act....
In the past three weeks I have witnessed senior persons at the @ICAEW and @TheFCA make quite astonishing and/or false representations to me and a victim of LBG BSU in a case they know is being reviewed by the @UKSFO. They clearly believe they have immunity. More on this to follow
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