Australia Treasury floats breaking up Big Four consultancies and caps partners at 400, with ASIC fines above A$200 million
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Australia's Treasury is proposing tougher regulation of the Big Four consulting firms, including potential structural separation of audit and consulting, partner caps, and materially higher ASIC enforcement powers and fines. While the firms are not listed and the measures do not directly reprice a specific traded instrument, the agenda increases perceived regulatory and compliance risk across professional services and could influence audit/consulting procurement for Australian corporates in the near term.
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Australia’s Treasury has issued a regulatory options paper that would allow structural break-ups of PwC, Deloitte, EY and KPMG, cap partner numbers at 400, and require audit and consulting businesses to be separated. The proposal would also expand the Australian Securities and Investments Commission’s remit, including the power to fine the firms more than A$200 million. The measures follow a series of scandals, including alleged illegal access by EY staff to the Prime Minister’s banking information, whistleblower claims at KPMG over misuse of data, and PwC’s tax-related controversy. None of the Big Four is listed, so the proposed action does not directly affect any listed stocks, commodities or indices.
