If our CRR Team do not propose to take further action, e.g. they do not consider the matter falls within the CRR’s area of responsibility or does not require further consideration they will explain why and aim to do so within 6 weeks. If they consider that your complaint should be referred instead to another regulator or body, they will tell you.
If your matter remains under consideration by our CRR Team, they may contact you for further information but they will not provide you with substantive updates. If you write to us asking for updates we will not be able to give you any further information. This is because our CRR Team have to conduct their review of matters under the FRC Corporate Reporting Review Operating Procedures, which commit to treating company information on a statutory and confidential basis, and with due and fair process for a company to respond to and engage with us to explain its accounting treatment.
That fair process and the complexity of some of the accounting issues may mean that it takes a longer period for a corporate reporting review to be concluded than you may immediately expect. The FRC Corporate Reporting Review Operating Procedures also reflect statutory restrictions on what we can tell you (or others) about the progress or outcome of our review.
In particular, if the outcome of our review is that the company agrees to correct comparative figures in its next set of annual financial statements (or next interim report), we may not be able to disclose this to you until the company has published those figures. Because of annual reporting cycles, this sometimes means complainants do not find out the outcome of their complaint for up to, or around, 18 months after raising the matter.
You can subscribe here for news updates from the FRC (this will include press notices about our CRR Reviews).
We also publish information about our CRR activity in our Annual Activity Reports and thematic reviews.