Following Deloitte, KPMG explores sale of restructuring arm [Consulting.uk] On the back of a number of accounting scandals involving the Big Four, the UK’s audit watchdog of the Financial Reporting Council has effectively banned Deloitte, KPMG, EY and PwC from conducting advisory work for audit clients, and is implementing a new model known as operational separation to segregate the two aspects of the businesses.
This has fostered a belief among the Big Four that the conflicts issue will inhibit the growth of restructuring operations for as long as they are owned by them. As a result, the UK leaders of the Big Four have been exploring their options for the sale of their turnaround practices – despite restructuring currently being one of the bright areas of consulting experiencing a spike in work during 2020.
Source:
https://www.goingconcern.com/friday-footnotes-10-30-20/