Regulatory

The Financial Reporting Council (FRC) has commenced an investigation into the statutory audits by PwC of the consolidated financial statements of Babcock International Group plc for the years ended 31 March 2019 and 2020. The FRC has extended its original investigation, which intended to analyse aud

The Financial Reporting Council (FRC) has today published its 3-year Plan for 2022-25 as the watchdog prepares to transition to the Audit, Reporting and Governance Authority (ARGA). The plan contains a detailed breakdown of intended expenditure for 2022-23 and a summary of the expected trajectory of

The Financial Conduct Authority (FCA) is set to launch two market studies and gather further information to investigate access to wholesale data. In response to a Call for Input, the FCA heard concerns that limited competition in the markets for benchmarks and indices, credit ratings and trading dat

Jon Holt, the chief executive of KPMG, has admitted that the Big Four firm misled the Financial Reporting Council (FRC) over its audit of collapsed outsourcer Carillion. In a statement released on the first day of a five-week disciplinary tribunal over the behaviour of the firm and six former employ

Andrea Coscelli, the chief executive of the Competitions and Markets Authority (CMA), has confirmed he will step down from the role at the end of his current term in July 2022. Dr Coscelli joined the CMA as an Executive Director when it was created in 2013 and he has held the position of Chief Execu

HMRC is urging businesses to take steps to prepare for Making Tax Digital for Value Added Tax (VAT) before it becomes mandatory for all VAT-registered businesses from 1 April this year. Making Tax Digital is designed to help businesses eliminate common errors and save time managing their tax affairs

The Financial Reporting Council (FRC) has fined Mazars £314,000 for failing to comply with the Regulatory Framework for Auditing in its audit of a local government authority’s 2019 financial statements. The FRC's Enforcement Committee found failures in the reviewed audit, which it consid

The Prudential Regulation Authority (PRA) has fiend Metro Bank £5,376,000 for failing to act with due skill, care and diligence in relation to the regulatory reporting of its capital position. The bank has also been fined for failings in its regulatory reporting governance, controls and invest

The Prudential Regulation Authority (PRA) has fined Standard Chartered Bank (SCB) £46.55 million for failing to be open and cooperative with the PRA and for failings in its regulatory reporting governance and controls in relation to a tailored PRA liquidity expectation. This is the PRA’s

The UK's insolvency sector is set to be governed by an independent regulator with new powers to seek compensation for victims of malpractice under government proposals to be announced today. UK Ministers are planning to impose tougher regulations for insolvency firms and practitioners after allegati

The Financial Conduct Authority (FCA) has fined HSBC £63,946,800 for failings in its anti-money laundering processes. HSBC used automated processes to monitor hundreds of millions of transactions a month to identify possible financial crime. However, the FCA found that three key parts of HSBC&

The hearing of the formal complaint of ­the Executive Counsel to the Financial Reporting Council (FRC) under the Accountancy Scheme against KPMG, a former KPMG partner, and certain current and former KPMG employees will begin on 10 January 2022. The Formal Complaint alleges Misconduct against KP

The Financial Conduct Authority (FCA) has accepted recommendations made by John Swift QC, who was commissioned to review the design, implementation and operation of the redress scheme set up for customers who were missold interest rate hedging products (IRHPs) from 2001. The actions taken by the Fin

NatWest has been fined £264.8 million following convictions for three offences of failing to comply with money laundering regulations. Mrs Justice Cockerill, the sentencing judge at Southwark Crown Court, yesterday said: “….it must be borne in mind that although in no way complici

Aligning culture with purpose, values and strategy can strengthen a company’s business model, help to better manage resources and be more equipped to face future challenges, according to a new report issued by the Financial Reporting Council (FRC). Creating positive culture – opportuniti