Bankers must raise standards to that of accountants, says Rake

THE DEPUTY CHAIRMAN of Barclays has called on the City to raise its standards to that of the accounting profession.

Sir Mike Rake, former KPMG International chairman and UK senior partner, was awarded the ICAEW’s Outstanding Achievement Award at its annual dinner last night in Moorgate, London.

In his acceptance speech, Sir Mike said that accountants learned the values of “integrity and commitment to client”. The City now needs to look at basic ethics.

“At some point [the City] stopped being a profession, for a minority,” said Sir Mike.

He began his career at KPMG in 1974, and worked in Europe and the Middle East through to the mid-1980s. He was then transferred to London in 1989, becoming a member of the UK board, and was elected as UK senior partner before serving for five years as KPMG International chairman.

Sir Mike is currently chairman of BT, deputy chairman of Barclays, and chairman of easyJet. He was a member of the Prime Minister’s Business Advisory Group from 2010 to 2012 and a director of the Financial Reporting Council from 2008-2011, the first Chairman of the UK Commission for Employment and Skills from 2007-2010 and Chairman of Business in the Community from 2004-2007.

Peter Wyman, chairman of the judging panel for the award, said: “It is hard to imagine anyone in recent times who has made a greater contribution to the accountancy profession, global business and charitable activity than Sir Michael Rake.”