The Financial Conduct Authority (FCA) has published draft guidance on a new power that allows it to move faster to remove regulatory permissions that are no longer being used by financial services firms. Incorrect or outdated permissions on the Financial Services (FS) Register can mislead consumers
The Financial Reporting Council (FRC) has published the findings of its review of reporting on emissions, energy consumption and related matters under the new Streamlined Energy and Carbon Reporting (SECR) rules which came into effect from 1 April 2019.
The Strathclyde Pension Fund has been approved as a signatory to the Financial Reporting Council’s UK Stewardship Code. The UK Stewardship Code is renowned globally as a best-practice benchmark in investment stewardship, and comprises a list of principles for asset managers, owners and service
The Financial Reporting Council’s (FRC) Executive Counsel has delivered a disciplinary Formal Complaint, under the Accountancy Scheme, against KPMG, a former KPMG partner and certain current and former KPMG employees.
The Financial Reporting Council (FRC) is preparing to tighten the governance code for Britain’s biggest audit firms in a move that will increase pressure on EY to split the roles held by its UK leader. Scottish Financial News reported yesterday that the FRC announced a consultation on pro
The Financial Reporting Council (FRC) has today announced a consultation on proposals to update and strengthen significantly the Audit Firm Governance Code in support of the FRC’s objectives to promote high-quality audit and audit market resilience. The code applies to the Big Four and to othe
The Financial Reporting Council (FRC) has announced sanctions against Big Four accountancy firm EY and audit engagement partner Mark Harvey in relation to the statutory audit of the consolidated financial statements of bus company Stagecoach Group plc. The sanctions concern the audit conducted by th
Insurance firms may not be ready to implement new product governance rules there to ensure insurance provides fair value, according to a review published today by the Financial Conduct Authority (FCA). As part of the FCA’s ongoing work to ensure consumers receive fair value, the review looked
The Financial Conduct Authority (FCA) has received a total of 2,754 separate allegations of misconduct, including fraud, money laundering and compliance complaints, according to official figures. The data, analysed by a Parliament Street think tank and contained in the FCA’s newly published An
The Financial Reporting Council (FRC) has fined KPMG £13 million for its audits of Silentnight from August 2010 to April 2011. The accountancy regulator has announced sanctions against the Big Four firm and David Costley-Wood, formerly a partner and head of KPMG Manchester Restructuring.
The Financial Reporting Council (FRC) has today published its third Annual Enforcement Review revealing that its Enforcement Division has grown by 44% in the last year. The increase in the size of the division has helped the watchdog to enable the swifter resolution of cases, while the number
The Financial Conduct Authority (FCA) is proposing changes to its decision-making process which will enable it to make faster and more effective decisions. The proposed changes will help the FCA improve how it tackles firms and individuals who do not meet the required standards.
The Financial Conduct Authority (FCA) has launched a consultation on proposals to improve transparency for investors on the diversity of listed company boards and their executive management teams. The FCA is consulting on changes to its Listing Rules to require listed companies to publish annually:
One third of audits inspected by the Financial Reporting Council (FRC) still require improvement, according to the latest Annual Audit Quality Inspection Results. In total, 29% of the 103 audits reviewed by the accountancy regulator were found to require improvement or significant improvement. The f
The Financial Reporting Council (FRC) is on track to become a new, more resilient regulator according to an analysis of its recently released Annual Report and Accounts. Sir Jon Thompson, FRC CEO, said: “The improved capacity, capability and processes that the FRC delivered in 2020/21 have mov