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The Financial Conduct Authority (“FCA”) continues to see its caseload increase to record levels despite the fact that it is dropping more investigations than ever before. Recently published statistics reveal that in the year ending March 2018 a total of 208 investigations were ended compared to 115 in the previous year and 98 in 2015/16. The FCA’s Enforcement Annual Performance Report 2017/18 reveals that the total number of cases open rose from 410 on 1…
It was reported last week that the Financial Reporting Council (the “FRC”), which oversees the UK’s accounting industry, has more than tripled the size of its enforcement team over the past five years. The FRC’s principle role is to regulate auditors, accountants and actuaries with its work aimed at investors and others who rely on company reports, audits and risk management. The FRC has faced public criticism recently over the failure to prosecute auditors for…