The Financial Reporting Council faces a government-backed independent inquiry into its operations, as revealed during the Carillion investigation.
Accounting’s regulator faces the prospect of an inquiry into its competency by the government.
Business secretary Greg Clark MP told a parliamentary committee investigating the collapse of Carillion that the “timeliness and record” of some of the Financial Reporting Council’s (FRC) investigations “could have been more prompt and rigorous”.
“There’s a strong case for reviewing the operations of the FRC and it’s something I intend to require,” he added.
Clark’s call comes during a turbulent time for the accounting and finance regulator. It faced strong criticism for its slow progress in coming to a decision on whe
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