Financial Reporting Council

Department for Business, Energy and Industrial Strategy written question – answered on 8th January 2018.

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Photo of Lord Myners Lord Myners Crossbench

To ask Her Majesty's Government, whether they intend to submit a response to the independent review of the Financial Reporting Council's enforcement and sanctions published in October.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The determination of sanctioning policy is a matter for the Financial Reporting Council (FRC) as part of the independent exercise of its powers. The FRC commissioned an independent review by Sir Christopher Clarke QC of its framework of sanctions in March 2017.

The review concluded with the publication of a report and recommendations on 21 November 2017.

It is now a matter for the FRC to take forward the implementation of the recommendations. The Department of Business, Energy and Industrial Strategy will work with the FRC to support them in their implementation of the recommendations as needed.

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