The FRC issued Feedback Papers that summarise the comments received in response to its consultation documents, 'Sanctions Guidance to Tribunals and Disciplinary Schemes – Proposed Changes'. These Papers also outline proposed amendments in response to those comments.
The original consultation on 'Sanctions Guidance to Tribunals' set out guidance to assist disciplinary and appeal tribunals in determining appropriate sanctions and included proposals for calculating fines, while 'Disciplinary Schemes – Proposed Changes' set out a more streamlined disciplinary process. Both consultations related to the FRC’s Accountancy Scheme but with the intention that the same changes would be made to, and Sanctions Guidance would be issued under, the Actuarial Scheme.
The FRC has incorporated many of the observations included in responses in the proposed revised drafts of the Schemes and the Sanctions Guidance including, in relation to the Schemes, an amended definition of misconduct and revised settlement provisions and, in relation to the Sanctions Guidance, more clarity in relation to the objectives of the Guidance and less prescription in relation to fines with a stronger emphasis on the Tribunal’s discretion.
Richard Fleck, Conduct Committee Chair said: “We have reflected on the responses to the two consultations which we regarded as constructive and helpful. The proposed revised draft documents address those comments and our further reflections. We expect to finalise and issue the Scheme and Sanctions Guidance early in 2013.”
Press release
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