UK Company Directors to Face Fines and Bans Under Audit Reform Proposal

By Kyte Ekstrom | Compliance, FCA Regulation, FinTech, News | 0 Comments

After the accounting scandals at Carillion PLC and Patisserie Valerie in 2018 and 2019, individual company directors are set to face potential fines and bans for major failures under proposals to overhaul corporate governance and audit oversight.

Accounting errors which previously may have incurred a slap on the wrist for company board members will be subject to individual directors facing fines or temporary bans if found in breach of their duties to uphold corporate reporting and audit standards.

Ministers are due to accept the principal recommendations made by three independent reviews, and proposals to overhaul corporate governance are due to be published as early as next week.

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