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June 28, 2012

FRC consults on disciplinary proceedings

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 effectiveness.

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 processes.

“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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