Accountants face swifter justice under new disciplinary scheme

ACCOUNTANTS face tougher probes into allegations of misconduct under new disciplinary arrangements published yesterday.

In an attempt to build the independence of the disciplinary system, the Financial Reporting Council (FRC) will no longer consult with accountancy organisations before launching an investigation or amending the misconduct rulebook.

The new arrangements also allow the FRC to conduct enquiries into allegations before initiating a full investigation, enable it to issue interim orders and make provisions to enable the early resolution of cases without a tribunal hearing.

“Amending the disciplinary schemes to make them more independent, efficient and effective was a key part of the package of FRC reforms introduced in 2012,” said Paul George, executive director of conduct at the FRC.