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UK FRC Defends Enforcement Policy

UK FRC Defends Enforcement Policy

by Starling Insights

Starling Insights Editorial Board

Jan 10, 2024

Observations

UK UK FRC Governance, Audit & Regulatory Failures Audit Personal Liability & Accountability The Era of Accountability Regulatory Trends

Richard Moriarty, CEO of the UK Financial Reporting Council (FRC), has defended the regulator's approach to enforcement actions amid concerns that they could discourage professionals from entering the audit industry.

"[W]e take very, very few cases against professionals and they tend to be for serious misconduct or, you know, heinous errors of judgment that have had real consequential impacts," Moriarty said. “[L]ike most regulators, our enforcement functions are used very sparingly and in rare and significant cases."

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