With Sir John Kingman "conducting a review for government" to determine whether the audit watchdog, the Financial Reporting Council, is "fit for the future", and the Competition Markets also investigating the audit market, would it not be an appropriate time to suggest enquiries should be launched into the effectiveness of all so-called "watchdogs" (Business Leader, 14.10.18).
Will Hutton claims that Ofwat is "getting tougher" and that some of the water companies are now "showing a commitment to their customers" (We let finance rip and flogged our assets - today`s austerity was bound to follow, 14.10.18)! That is hardly encouraging, when we have been told that water leakage increased for the second consecutive year, with nine of the private water companies failing to meet their targets on cutting leakage. After all, Ofwat was set up back in 1989 to ensure consumers were provided with "an efficient service at a fair price".
In education the examination watchdog ignores the fact that private schools can avoid the tougher GCSE examinations by entering pupils for Cambridge Assessment`s iGCSE, presumably an easier option. Similarly, many private schools are by-passing A-levels in favour of the same awarding body`s Pre-U exams, set and marked by teachers in the independent sector, apparently regulated by Ofqual, but not subject to the "additional rules" which are only applied to A-levels!
A survey of the other "watchdogs" would no doubt reveal similar shortfalls, especially as Tory governments are not renowned for their regulation, so it looks like a few more paragraphs are needed in the next Labour manifesto!
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