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April 18, 2012

UK discipline board proposes tougher sanctions

The Accountancy and Actuarial Discipline Board (AADB), part of UK Financial Reporting Council, has proposed to issue higher fines in disciplinary cases held in its tribunals.

In a document open for consultation, Sanctions Guidance to Tribunals, the board stressed tribunals need to impose sanctions proportionate to the misconduct in order to work as an appropriate deterrent.

“The time is right for a genuine debate about the appropriate level of sanction for professional misconduct by accountants,” AADB chairman Timothy Walker said.

Responses to the consultation are requested by 11 July 2012.

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