FRC publishes its fifth Annual Enforcement Review
28 Jul, 2023
The Financial Reporting Council (FRC) has published its fifth Annual Enforcement Review.
The review reveals that a record number of cases were resolved in the current year (19) with £40.5m of financial sanctions being imposed for misconduct and breaches of standards, down from £46.5 million in 2021/22.
The FRC’s ongoing commitment to timely enforcement action is reflected in year-on-year improvements in the published KPI over the last five years with 75% of cases meeting the KPI in 2022/23.
The review highlights and welcomes the growing commitment to self-improvement and cooperation demonstrated in investigations this year which is essential to embedding quality improvements.
The press release and Annual Enforcement Review are available from the FRC website.
