The role of the advisor ... as fraud increases

News from UK law firm Wedlake Bell that over the last 12 months there has been a 72 per cent  increase in the number of directors of insolvent companies being banned for fraud and theft should be a surprise to no one.   The vast majority of these directors don't start out with criminal intent - they are just desperate to keep things going during difficult times - and end up sailing too close to the wind.

Professional advisors have a real role to play in such situations, working closely with their clients and being alert to the early warning signs.  But it is all too easy for some such advisors to be facing the same pressures within their own firms and, as a result, not noticing - or not wanting to notice - the situation into which their clients are falling.

There is no doubt that recessions cause an increased level of litigation against professional services firms - and recent statistics suggest that the current downturn will be no different.  However, to keep it at a reasonable level, firms will need to ensure that they have the processes in place to ensure that partners are alert to fraud, and able to respond appropriately with the support of their colleagues, even if such diligence ultimately results in the loss of a client.

James mendelssohn (jmendelssohn@msiglobal.org)
www.msiglobal.org

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Thank you everyone from the comments.If you don't mind passing this story along to anyone you'd think you'd like it I'd greatly appreciate it.

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Advisors are always very important since their role is to see what the people who are on the first lines can't see