The Financial Regulators Complaints Commissioner (FRCC) has issued a further update on its investigation into the FCA’s handling of the British Steel Pension Scheme (BSPS), saying it has been thoroughly and independently examining the FCA’s files in relation to the eight-year period relating to BSPS, as well as looking into a longer timeframe to understand the FCA’s awareness of issues in the defined benefit transfer market prior to the BSPS matter. The FRCC says it is taking into consideration all of the information and points raised by the individual complainants as well as additional documents received from the FCA, and working to issue a report encompassing all of the relevant information as quickly as possible whilst ensuring a thorough and careful investigation is completed.

The Financial Regulators Complaints Commissioner (FRCC) has issued an update on its review of the Financial Conduct Authority’s (FCA) investigation files into the British Steel Pension Scheme (BSPS) complaints. During July 2024, the FRCC made further information requests to the FCA. The FCA stated that it will provide the relevant information imminently. As information is received, it is being reviewed alongside the FCA’s investigation files as part of the FRCC’s ongoing investigation into these complaints. The Office of the Complaints Commissioner has also extended the deadline for complaint referrals about the FCA in relation to the BSPS to 29 August 2024 and welcomes input from complainants or their representatives. A further update will be published on the FRCC website on 2 September 2024.

The Financial Regulators Complaints Commissioner (FRCC) has published its Annual Report and Accounts 2023-24 and the responses provided by the Financial Conduct Authority and the Prudential Regulation Authority.

The Financial Regulators Complaints Commissioner (FRCC) has released an update on its review of the Financial Conduct Authority’s (FCA) files relating to British Steel Pension Fund (BSPS) complaints. It is working to issue a report containing all relevant information and ensuring a thorough investigation. A further update will be provided on 4 November 2024.

The Financial Regulators Complaints Commissioner (FRCC) has provided an update regarding the handling of complaints related to Collateral (UK) Ltd. Multiple complaints have been received about the Financial Conduct Authority’s actions concerning Collateral, and a single report will be issued to all complainants. Complainants have until 31 March 2025 to refer their complaints to the Complaints Commissioner following the FCA's decision letter issued on 17 December 2024. A preliminary report is expected within six months of the referral deadline, although complex cases may take longer. The FRCC is also reviewing broader issues related to the FCA's role in Collateral's unauthorised P2P business operations. Any changes to the timeline will be communicated through updates on the FRCC website.

The Financial Reporting Council (FRC) has published its 2025 Annual Review of Corporate Reporting, which found that corporate reporting quality among FTSE 350 companies was broadly maintained during the 2024/25 monitoring cycle. Fewer reviews resulted in substantive queries compared with previous years, with reductions observed both within and outside the FTSE 350. Overall restatements prompted by reviews also decreased compared to the previous three years, with fewer restatements affecting profit. Impairment remained the most frequently raised issue for the third consecutive year, although no companies were required to restate their accounts for impairment matters. The FRC noted a persistent quality gap between the FTSE 350 and other companies, with most restatements arising outside the FTSE 350. To address this, it is conducting a thematic review of reporting practices among smaller UK listed companies. For the 2025/26 reporting season, expectations remain consistent with recent years due to stable reporting requirements. Companies are encouraged to improve explanations of judgements and estimates, including disclosure of key inputs and assumptions, when preparing their next annual report and accounts.

Law360: The Society of Pension Professionals (SPP) said on 4 March 2025 that while the Financial Reporting Council's (FRC) proposed changes to Technical Actuarial Standard 300 to reflect recent developments in defined benefit (DB) pension scheme funding are welcomed, the proposed changes also introduce additional requirements that should be avoided.

One of a number of Financial Reporting Standards for financial periods beginning after 1 January 2015, which apply to all companies and entities in the UK and Republic of Ireland other than listed groups. It applies to the individual financial statements of subsidiaries and ultimate parents, allowing them to apply the same accounting as in their listed group accounts, but with fewer disclosures (Reduced Disclosure Framework).

One of a number of Financial Reporting Standards for financial periods beginning after 1 January 2015, which apply to all companies and entities in the UK and Republic of Ireland other than listed groups. FRS 102 is a single financial reporting standard that applies to the financial statements of entities that are not applying UK-adopted IFRS, FRS 101 or the FRSSE.

A standard on interim financial reporting published by the FRC in March 2015.

The Financial Reporting Standard applicable to the Micro-entities Regime. An accounting standard intended for financial statements of companies which qualify for the micro-entities regime. FRS 105 is effective for accounting periods beginning on or after 1 January 2016. The FRC withdrew the FRSSE from that date.

Financial Reporting Standard for Smaller Entities, now replaced by FRS 105 (for micro-entities) and Section 1A (Small Entities) of FRS 102 (for small entities).