The UK Financial Reporting Council (FRC) has
issued a consultation looking at changing the way it conducts
disciplinary proceedings as a way to enhance independence and

In the consultation paper, Disciplinary
Schemes – Proposed Change
, the FRC proposes the introduction
of a procedure to enable cases to be concluded by agreement,
without the need for a full tribunal hearing although the
conclusions will be still be published.

The FRC is also seeking the ability to conduct
enquiries before initiating an investigation, a power to impose
interim orders and to refine the criteria for the commencement of
an investigation.

FRC conduct committee chair Richard Fleck said
the package of measures is way to streamline disciplinary

“We believe that these changes will benefit
all parties and lead to swifter disciplinary outcomes while
preserving the necessary level of transparency,” he said.

Deadline for comment on the consultation paper
is 15 September.

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