FRC Settlements and Interim Orders
Produced in partnership with Thomas Daniel of 2 Bedford Row
FRC Settlements and Interim Orders

The following Corporate Crime guidance note Produced in partnership with Thomas Daniel of 2 Bedford Row provides comprehensive and up to date legal information covering:

  • FRC Settlements and Interim Orders
  • Settlements
  • Interim orders of the FRC

FORTHCOMING CHANGE ALERT: The UK government has announced that the Financial Reporting Council (FRC) will be replaced with a new regulator called the Audit, Reporting and Governance Authority. This new enhanced regulator will transform the audit and accounting sector in response to the comprehensive Independent Review led by Sir John Kingman. See: LNB News 11/03/2019 120.

Settlements

At any time after the commencement of an investigation or after the delivery of a Formal Complaint and prior to the determination of a Formal Complaint the Executive Counsel may enter into settlement discussion (whether initiated by the Executive Counsel or by the Member or Member Firm involved). The Executive Counsel must advise the Chairman of the Case Management Committee of the commencement of the settlement discussions.

Where, following settlement discussions, terms of a settlement are agreed between the Executive Counsel and the Member or Member Firm:

  1. prior to the delivery of a Formal Complaint, the Executive Counsel should deliver a Proposed Settlement Agreement to the Conduct Committee

  2. after delivery of a Formal Complaint, the Executive Counsel should deliver a Proposed Settlement Agreement to the Tribunal to which the determination of that Formal Complaint has been allocated

The Proposed Settlement Agreement is a formal document agreed by Executive Counsel and the Member or Member Firm detailing:

  1. the particulars of fact and act or acts

Related documents: