Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

Amid criticism, can trust in U.K. FRC be restored?

Paul Hodgson | April 16, 2018

The U.K.’s Local Authority Pension Fund Forum (LAPFF) recent criticism of the Financial Reporting Council (FRC) is just the latest in a growing avalanche of attacks faced by the regulator. 

It’s not the only body criticising the FRC for not doing its job properly, or indeed at all. That is also a position taken by the Business Secretary Greg Clark, who called for an independent review of the organisation after the two parliamentary committees he sits on, the Work and Pensions Committee and the Business, Energy and Industrial Strategy determined that the FRC had been too slow in launching an investigation into collapsed construction firm Carillion.

Meanwhile, the FRC has been given new and wider powers to prosecute accountants, auditors and actuaries, with increased fines of £10 million (U.S.$14.2M) or more and bans of a minimum of 10 years. These changes are based on the recommendations of an independent review of the Council’s powers undertaken in 2017 by former...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.