FRC Launches Consultation on Changes to Disciplinary Schemes

June 28, 2012 /

The Financial Reporting Council (FRC) has published a consultation document setting out the changes it proposes to its disciplinary Schemes.

The FRC considers that changes to the Schemes are desirable to enhance their independence and to promote their effective and efficient operation.

The proposals include:

  • The introduction of a procedure to enable cases to be concluded by agreement, without the need for a full tribunal hearing although with published conclusions;
  • The ability to conduct enquiries before initiating an investigation;
  • Refinements to the criteria for the commencement of an investigation;
  • A power to impose interim orders;
  • Amendments to reduce the potential for delay; and
  • Changes to improve the procedure for making future changes to the Schemes.
Richard Fleck, Conduct Committee Chair, said: “The FRC has put together a package of changes to give effect to its vision for a more streamlined disciplinary process. We believe that these changes will benefit all parties and lead to swifter disciplinary outcomes while preserving the necessary level of transparency.   We welcome comments from all concerned.”
Responses to the consultation are requested by 15th September 2012.


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