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The Financial Reporting Council (FRC) has published its 3-Year Plan which sets out the FRC’s progress toward establishing the new Audit, Reporting and Governance Authority (ARGA). The FRC’s 3-Year Plan follows the government’s 2021 consultation ‘Restoring Trust in Audit and C

The Financial Conduct Authority (FCA) has published proposals for a compensation scheme for former members of the British Steel Pension Scheme (BSPS) who received unsuitable advice to transfer out of the fund. The FCA has found that almost half (46%) of the advice it reviewed relating to BSPS was un

The Financial Conduct Authority (FCA) is taking action to tackle harm in the consumer investments market, as data published today shows it has stopped 1 in 4 firms from entering this market. The FCA is also urging consumers to be InvestSmart and ScamSmart, following an increase in the number of scam

The Financial Reporting Council (FRC) has issued a consultation on proposed changes to its statutory Guidance to the Recognised Supervisory Bodies (RSBs) on the recognition of Key Audit Partners for local audit. The changes have been proposed to address a recommendation made by Sir Tony Redmond in h

The Financial Conduct Authority (FCA) has fined Barclays Bank £783,800 for oversight failings in its relationship with collapsed payments firm Premier FX. Barclays was Premier FX’s sole banker in the UK.

The Financial Conduct Authority (FCA) has secured changes to potentially unfair and unclear terms in the contracts of Clearpay, Klarna, Laybuy and Openpay. The FCA was concerned there was a potential risk of harm to consumers as a result of the way some of the firm’s terms were drafted.

The Financial Reporting Council FRC has outlined its preliminary thoughts to the International Sustainability Standards Board (ISSB) on the prototypes published by the Technical Readiness Working Group to support the development of International Sustainability Standards. The FRC has said it strongly

Outdoor education centres facing financial challenges as a result of the COVID-19 pandemic can apply this month to a new £2 million fund launched by the Scottish Government. Available for private sector and third sector centres, the support will help with running costs and enable staff to deli

New research published by Financial Consultants, Enryo, shows that Scotland has both the highest cash and mobile payment (e.g. Apple/Google Pay) usage in Britain. Over half of the country’s population (54%) now uses cash at least once a week to pay for goods and services, while 33% of Scots us

The Financial Reporting Council (FRC) has commenced an investigation into the statutory audits by PwC of the consolidated financial statements of Babcock International Group plc for the years ended 31 March 2019 and 2020. The FRC has extended its original investigation, which intended to analyse aud

The Financial Reporting Council (FRC) has today published its 3-year Plan for 2022-25 as the watchdog prepares to transition to the Audit, Reporting and Governance Authority (ARGA). The plan contains a detailed breakdown of intended expenditure for 2022-23 and a summary of the expected trajectory of

The Financial Conduct Authority (FCA) is set to launch two market studies and gather further information to investigate access to wholesale data. In response to a Call for Input, the FCA heard concerns that limited competition in the markets for benchmarks and indices, credit ratings and trading dat

The Financial Conduct Authority (FCA) is working to become a more innovative, adaptive and assertive regulator in 2022. The regulator said that this approach will enable the FCA to meet the challenges of the increasingly data-driven financial services sector in the UK, the shift to a net-zero econom

The Financial Reporting Council (FRC) has fined Mazars £314,000 for failing to comply with the Regulatory Framework for Auditing in its audit of a local government authority’s 2019 financial statements. The FRC's Enforcement Committee found failures in the reviewed audit, which it consid

The Financial Conduct Authority (FCA) has fined HSBC £63,946,800 for failings in its anti-money laundering processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC&