Scope for FRC investigation in connection with the pension schemes of Coats Group plc extended
News types: Investigations
Published: 1 August 2017
PN 38/17
The Financial Reporting Council (FRC) has today announced that the scope of the investigation under the Actuarial Scheme in connection with the pension schemes of various companies within the Guinness Peat Group (now renamed Coats Group plc), has been amended to include the conduct of a further Member and to extend the period under investigation, to start from 2002.
Notes to editors:
- The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
- In relation to enforcement matters, the FRC is the independent, investigative and disciplinary body for accountants and actuaries in the UK dealing with cases which raise important issues affecting the public interest. In brief, the stages of the disciplinary process under the Actuarial Scheme are:
- Decision to investigate
- Investigation
- Decision whether to bring enforcement proceedings against the Member and, if so decided, referral to Disciplinary Tribunal
- Tribunal hearing
- Determination and imposition of sanction and/or costs orders
- Under the Actuarial Scheme the FRC can start a disciplinary investigation in one of two ways: (i) the professional body can refer cases to the FRC; and (ii) the FRC may decide of its own accord to investigate a matter. The Conduct Committee will consider each case identified or referred to it and decide whether or not the criteria for an investigation are met.
- The criteria are specified in paragraph 5(1) of the Actuarial Scheme. A Member shall be liable to investigation under this Scheme only where, in the opinion of the Conduct Committee the matter raises or appears to raise important issues affecting the public interest in the United Kingdom and there are reasonable grounds to suspect that there may have been Misconduct or it appears that the Member has failed to comply with any of his or its obligations under paragraphs 14(1) or 14(2) of the Scheme.
- Investigations are conducted by Executive Counsel and the Enforcement division.