FRC Investigations

Financial Services Regulation

The Financial Reporting Council (FRC) is, like the FCA, a private limited company with direct statutory powers and some delegated statutory powers.

The FRC is responsible for:

  • i. Setting the UK’s Corporate Governance and Stewardship Codes;
  • ii. Setting the UK’s standards for accounting and actuarial work;
  • iii. Monitoring and taking action to promote quality of corporate reporting; and
  • iv. Operating an independent enforcement function for accountants and actuaries (practising and non-practising members of ICAEW, CIMA, ACCA, and ICAS)

The enforcement function (Executive Counsel and Enforcement Division) investigates individual conduct (commonly, a lack of professional competence) when the FRC’s Conduct Committee decides the FRC should commence an investigation and refers it to that function.

Richardson Lissack’s approach to FRC enforcement investigations is holistic.  Given the limited evidence-gathering powers at the FRC’s disposal, great care needs to be taken in how subjects engage with the interview process.  Richardson Lissack has substantial experience of successfully guiding subjects of FRC enforcement investigations through what is a long and stressful process.

Our lawyers are available 24/7 to assist you and provide legal advice. Contact London 020 3753 5352 or Manchester 0161 834 7284. Alternatively you can email

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Tim Thomas
Head of Financial Services Regulation

020 3753 5352

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