KPMG UK and PricewaterhouseCoopers UK have revealed they are
considering entering the credit rating business.

Leading credit rating agencies have been heavily criticised
during the financial crisis and accountancy firms believe credit
ratings provide an opportunity for audit firms, which have the
appropriate knowledge and skill, the Financial Times has

KPMG UK chairman John Griffith Jones, who spoke to the
Financial Times, conceded that conflict of interest
concerns could make it impractical for audit firms to offer credit
rating services.

But he suggested that if there is demand for another strong
credit ratings player to provide an alternative to the current
dominant trio – Moody’s, Standard & Poor’s and Fitch – audit
firms could fill that gap.