Regulatory

The Financial Conduct Authority (FCA) has called for so-called ‘host’ Authorised Managers (AFMs) to improve their standards following a review of firms published today. Host AFMs are fund operators that delegate investment management to third-party investment managers outside of their co

The Financial Reporting Council (FRC) has announced the appointment of Hannah Nixon and Ruwan Weerasekera as non-executive directors (NEDs) to the FRC Board. They join the FRC Board at a time of significant growth and transformation as the FRC transitions into the Audit, Reporting and Governance Aut

The Financial Conduct Authority (FCA) has published new proposals on climate-related disclosure rules for listed companies and certain regulated firms. The proposals follow the introduction of climate-related disclosure rules for the most prominent listed commercial companies in December 2020 which

The Financial Reporting Council (FRC) is seeking a £15 million fine against Big Four audit firm KPMG after a draft tribunal report highlighted misconduct in its sale of Silentnight to private equity firm HIG. The accountancy regulator is also pursuing a fine of at least £500,000 against

New research published by the Financial Conduct Authority (FCA) has estimated that 2.3 million adults now hold cryptoassets, marking an increase from the 1.9 million recorded last year. The research also revealed that 78% of adults have now heard of cryptoassets, up from 73% in a year.

The Financial Reporting Council (FRC) has issued Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions beyond 30 June 2021. These amendments extend the application of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequenc

The Financial Conduct Authority (FCA) is extending the end date of the Temporary Registrations Regime (TRR) for existing cryptoasset businesses from 9 July 2021 to 31 March 2022. The TRR was established last year to allow existing cryptoasset firms, which applied for registration before 16 December

Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC) has admitted that the financial regulator was "asleep at the wheel" during corporate failures. In an interview with the Financial Times, Sir Jon admitted that the regulator had failed to do its job during a series of corporat

The Financial Conduct Authority (FCA) has implemented a package of remedies to prevent insurance companies from issuing loyalty penalties to customers.  The move is an attempt to improve competition and ensure renewal quotes for home and motor insurance consumers are not more expensiv

The Financial Reporting Council (FRC) has issued a revision of its UK auditing standard on the responsibilities of auditors relating to fraud - ISA (UK) 240 (Revised May 2021) - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.The revisions to the standard are des

The number of fines issued to auditors by the accountancy watchdog has almost tripled in the last year as the Financial Reporting Council (FRC) seeks to stamp out poor practices ahead of a government consultation on reforming the scandal-hit industry. The FRC distributed £25 million in fines i

The Financial Reporting Council (FRC) has published research revealing that workforce engagement lies at the heart of good corporate governance. The research, by Royal Holloway at the University of London and the Involvement and Participation Association found that many FTSE 350 annual reports appea

The Financial Conduct Authority (FCA) has published a consultation on its proposed policy framework for exercising two of its new powers under the Benchmarks Regulation (BMR), which will be introduced by the Financial Services Act 2021. These powers relate to the use of critical benchmarks that are

Ahead of the 2021 interim reporting season, a review by the Financial Reporting Council (FRC) has highlighted examples of good practice in company’s interim reporting and areas where further improvements are required.

The Financial Conduct Authority (FCA) has announced proposals to stop the practice of ‘claims management phoenixing’, by banning Claims Management Companies (CMCs) from managing Financial Services Compensation Scheme (FSCS) claims where they have a relevant connection to the claim. Claim