Regulatory

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

The Financial Reporting Council (FRC) is seeking views on amendments made to the Audit Enforcement Procedure (AEP). The FRC has reviewed the AEP and intends to amend it. Through this consultation, the FRC seeks feedback and comment on these proposed amendments.

The Financial Conduct Authority (FCA) has set out proposals to change disclosure documents provided to retail investors under the Packaged Retail and Insurance-based Investment Products (PRIIPs) regulation. The changes will provide more clarity to consumers about what the products are, the risk pres

Following a Financial Conduct Authority (FCA) review of the practices of debt packager firms, five firms have stopped providing regulated debt advice until further notice and the FCA has used formal powers to stop another firm from providing regulated advice. The FCA has also published correspondenc

New data released by the Financial Reporting Council (FRC) has revealed that challenger audit firms have increased their share of FTSE 250 audits, from 4.8% to 7.6%. However, the dominance of the Big Four remains, as all FTSE 100 companies continue to be audited by EY, Deloitte, KPMG or PwC.Improvin