The Financial Services Authority, re gulator of financial service providers in the U.K., has expressed worries about the systemic risk that comes with the dominance of the Big Four accounting firms.

"There is now a potentially significant risk to international and domestic markets' market confidence that could crystallize were the collective reputation of the so-called 'Big Four' to be collectively impaired, or were there to be a major problem at one of the firms leading to a contraction to three," the FSA wrote in its annual International Regulatory Outlook, pointing to the recent difficulties of regulating the firms.

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