Regulatory

Foreign secretary Liz Truss has banned Russian businesses from using UK accountants as she announced new sanctions on Russia in wake of its invasion of Ukraine. The sanctions include a ban on services exports to Russia, cutting them off from doing business with UK sectors that are critical to the Ru

Members of Unite have embarked on strike action at the Financial Conduct Authority (FCA) today in Edinburgh and London. This industrial action is the first action since the inception of the regulator. It follows many months of refusals by FCA management to listen to the concerns of their workforce.

The Financial Reporting Council (FRC) has published new research, in conjunction with the UK Anti-Slavery Commissioner and Lancaster University, which has identified significant shortcomings in the quality of companies’ modern slavery reporting. The research looked at a sample of 100 major com

The Financial Conduct Authority (FCA) is using emergency powers to prevent financial advice firms, who advised members of the British Steel Pension Scheme (BSPS), from disposing of assets to avoid paying compensation. The FCA has introduced these emergency rules, without consultation, in light of th

A review by the Financial Conduct Authority (FCA) has found that challenger banks need to improve how they assess financial crime risk, with some failing to adequately check their customers’ income and occupation. The watchdog found that in some instances, challenger banks did not have financi

A Glasgow sheriff has refused three appeals under the Bankruptcy (Scotland) Act 2016 challenging a series of decisions made by the Accountant in Bankruptcy for a man sequestrated in 2018 considering debts said to total over £200,000. It had been determined by the AiB that there was insufficien

The Executive Counsel of the Financial Reporting Council (FRC) has imposed sanctions against Deloitte and John Charlton, one of the firm's audit engagement partners, in relation to the statutory audit of the financial statements of Mitie Group plc, for the financial year ended 31 March 2016. Deloitt

The Financial Conduct Authority (FCA) has finalised rules requiring listed companies to report information and disclose against targets on the representation of women and ethnic minorities on their boards and executive management, making it easier for investors to see the diversity of their senior l

The director of an Edinburgh construction agency has been disqualified as a director for six years after he breached legal obligations by failing to maintain adequate accounting records.

The Financial Reporting Council (FRC) has published a new Audit Firm Governance Code for the Big Four audit firms and firms that audit FTSE-350 companies and significant numbers of public interest entities (PIEs). The new Code is a result of the findings of a monitoring programme undertaken by the F

The Financial Reporting Council (FRC) has launched a consultation to take responsibility for the registration of auditors of public interest entities (PIEs) from the recognised supervisory bodies (RSBs). The proposal will bolster the FRC’s supervisory toolkit and enable it to become increasing

The Financial Reporting Council (FRC) has published the Exposure Draft of Proposed ISA (UK) 600 Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). The revisions build upon the recently revised international version of the standard, with an enhanc

The Financial Reporting Council (FRC) has commenced an investigation in relation to the audit conducted by Deloitte LLP of the financial statements of Go-Ahead Group plc. The investigation concerns the years ended 3 July 2021, 27 June 2020, 29 June 2019, 30 June 2018, 1 July 2017, and 2 July 2016.

The Financial Reporting Council's (FRC) UKEB has extended the deadline to recruit members for its Investor Advisory Group (IAG) to Tuesday, 26 April 2022. The UKEB is establishing six advisory groups that will provide specialist knowledge and information as input into its technical decision-making.

Following a trial at Southwark Crown Court, Boris Franz Becker was convicted of four counts against the Insolvency Act 1986. Mr Becker will appear for sentencing on 29 April 2022.