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UK Watchdog Triples Fines to $56 Million, Beefs Up Enforcement

July 28, 2022, 2:58 PM

The UK accounting watchdog almost tripled the value of fines over the past year as it toughened regulation in the run-up to its replacement by a new regulator.

The Financial Reporting Council published its annual enforcement review Thursday, covering its fiscal year to March 31. Before discounts, it fined accounting firms £46.5 million ($56.5 million), up from £16.5 million the previous year.

  • “The level of financial sanctions imposed in the year underscores the important dissuasive role they continue to play,” the FRC’s executive director of enforcement, Elizabeth Barrett, said in a statement.
  • The FRC said that a ...