UK Professional Body Holds $183 Million From Accounting Fines

The UK’s professional body for accountants is sitting on £148 million ($183 million) of fines levied by the country’s watchdog, according to a new report which calls for the money to be used for financial education instead.

The report, by researchers at Sheffield University and the Corporate Accountability Network, says that the Financial Reporting Council has levied £104 million in total fines since 2015, plus costs of more than £40 million. This money was passed to the Institute of Chartered Accountants in England and Wales, which had paid ...