FRC publishes new disciplinary arrangements for accountants and actuaries
News types: Codes and Standards Announcements
Published: 5 December 2014
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The Financial Reporting Council (FRC) has today published The Accountancy Scheme and The Actuarial Scheme which update the independent disciplinary arrangements applying to members and member firms of the participating accountancy and actuarial bodies. The FRC deals with cases of potential misconduct which raise or appear to raise important issues affecting the public interest in the UK.
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The updated Schemes introduce provisions to enable a joint tribunal to be convened when Formal Complaints delivered under both Schemes address a common question of law or fact, arise out of the same events, or there is some other compelling reason for the Formal Complaints to be heard together. The joint tribunal provisions are intended to make the Schemes more efficient and effective by streamlining procedure, facilitating consistent tribunal decision-making and ultimately reducing costs in such cases.
The new provisions incorporate a number of suggestions put by respondents to the consultation process earlier this year. A consultation feedback statement is available on the FRC website.
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
The new provisions incorporate a number of suggestions put by respondents to the consultation process earlier this year. A consultation feedback statement is available on the FRC website.
Notes to editors:
The FRC is responsible for promoting high quality corporate governance and reporting to foster investment. We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work. We represent UK interests in international standard-setting. We also monitor and take action to promote the quality of corporate reporting and auditing. We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.