I gather that the shareholders in Patisserie Valerie are not best pleased with having to stump up for a new share issue to keep the business afloat, and are calling for the chairperson’s resignation. A typical story from the world of finance. The company apparently has a £40 million black hole. The auditors were Grant Thornton. Perhaps they should be answering a few questions, should they find time off from stuffing their cake hole. Isn’t it marvellous how so many professionals get away with having a blind eye?
I have yet to comprehend how – another example – conveyancing solicitors, well known for their minimal fees, could allow their clients to purchase properties on leasehold terms which later make their homes unsaleable. There are serious issues about the routine professional neglect of customers who feel they should be able to trust these ‘professionals.’ Of course, in the property conveyancing market, most of the work will be done by unqualified, or very lightly qualified conveyancing clerks, whose main task will be to tick boxes, probably in most cases without much oversight. But we’re talking about a sector where self-regulation means lower standards all round. Getting rid of local authority building regulations inspectors was another great ‘efficiency.’ But at least we consumers can have the pleasure of answering an online ‘How was your purchase’ survey every so often.