Ethics and governance in the European Financial centers

Having a code of conduct and communicating in an appropriate way about Corporate Responsibility do not prevent drifts.
PricewaterhouseCoopers has been urged to give back its audit fees for Northern Rock work.

"You've audited and provided comfort letters for the biggest banking disaster in 150 years"' Tory MP Michael Fallon said.

The difference is the culture of the center where the auditor works wants analysing. In the UK there is the anglosaxon culture to investigate and tighten up the ship, which mitigates risks in a way for the brands because of the dissuasive effect.
In Luxembourg everyone - politicians, professionals, media - to hush up issues, which actually emphasize risks for the brands in a world of transparency and communication all the more than there is no dissuasive effect.

But I think that PwC UK should communicate and in a general rule firms must communicate when they face issues. In another sector this is what Total is doing about the sinking of the tanker ERIKA (read in French) which is positive from a CSR point of view no matter what will be the conclusion of the trial mid January 2008.

Know more
F. McKenna's analysis
Accountancy Age
Guardian
Telegraph