Financial Reporting Council Issues Feedback in Relation to Tribunals Consultation

The FRC has issued feedback related papers, which summarizes all the comments it has received pertaining to the consultation related documents-Sanctions Guidance to Tribunals and Disciplinary Schemes. The papers also lay down the amendments that have been proposed after going through the comments. The earlier consultation laid down guidance for assisting appeal and disciplinary tribunals in finding out the sanctions that are appropriate and the proposals included for the calculation of fines whereas the Disciplinary Schemes outlines a disciplinary procedure, which is very streamlined. Both the consultations pertain to the Financial Reporting Council’s Accountancy related scheme, but with an intent that similar alterations would be incorporated into as well as Sanctions relation Guidance will be released under the Actuarial Scheme.

The Financial Reporting Council has included several observations incorporated in the comments in the drafts pertaining to Sanction Guidance and Schemes that have been revised and proposed. As far as the Schemes are concerned, the FRC has also included a definition of the settlement related provisions that have been revised and that of misconduct after amending them. The FRC has also made the objectives of Sanctions Guidance clearer.

The Financial Reporting Council is also going to send invitations to those people who have shared their comments and feedbacks in response to its consultation so that they can meet as well as discuss the Schemes and Sanctions Guidance related amendments.

Richard Fleck, Conduct Committee’s Chairman stated that they have gone through the responses received on both the consultations and regarded them as helpful and constructive. The draft documents that have been revised and proposed address those feedbacks/comments as well as the reflections of the committee. Fleck also stated that the committee expects to finalize as well as publish the Scheme and Sanctions related Guidance in the year 2013.

The Financial Reporting Council is essentially a regulatory body of the United Kingdom that has the responsibility of promoting quality corporate governing and reporting for encouraging investment. The Council creates standards for corporate related reporting as well as actuarial practice and is also enforces and monitors the accounting and auditing related standards. The FRC also oversees the regulation based activities of the profession of accounting and actuarial.