FRC: Independent review of Financial Reporting Council sanctions: call for submissions

12 May 2017 02:01 PM

On 30 March 2017 the Financial Reporting Council (FRC) announced an independent review of the sanctions imposed under its enforcement procedures.

The independent panel appointed to conduct the review (the Review Panel) has now issued a call for submissions and evidence. It is important to the Review Panel that it should receive written responses from a full range of viewpoints in relation to the issues which are the subject matters of its review.

The Review Panel will analyse the responses received, consider other relevant information, and produce a report setting out its findings and recommendations which will be provided to the FRC and published.

The deadline for responding to this call for submissions is 30 June 2017.

Notes to editors:

1. The FRC is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
2. The review will be conducted by an independent panel chaired by former Court of Appeal Judge, Sir Christopher Clarke, and comprising Peter Chambers and Andrew Long who bring extensive subject matter and regulatory expertise.
3. All Press enquiries should be directed to: 

• Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
• Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096, or email: r.carolan@frc.org.uk.
• Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526, or email: a.sinnen@frc.org.uk

Related Resources

Independent Review of the Financial Reporting Council's Enforcement Procedures Sanctions - Review Panel Call for Submissions (PDF)