Financial Reporting Council Coats Group plc - extension of investigation scope (6549M)
August 01 2017 - 2:00AM
UK Regulatory
TIDMCOA
RNS Number : 6549M
Financial Reporting Council
01 August 2017
Scope for FRC investigation in connection with the pension
schemes of Coats Group plc extended
PN 38/17 1 August 2017
The Financial Reporting Council (FRC) has today announced that
the scope of the investigation under the Actuarial Scheme in
connection with the pension schemes of various companies within the
Guinness Peat Group (now renamed Coats Group plc), has been amended
to include the conduct of a further Member and to extend the period
under investigation, to start from 2002.
The announcement of the original investigation can be found
here.
Notes to editors:
1. The Financial Reporting Council (FRC) is the UK's independent
regulator responsible for promoting high quality corporate
governance and reporting to foster investment. The FRC sets the UK
Corporate Governance and Stewardship Codes and UK standards for
accounting and actuarial work; monitors and takes action to promote
the quality of corporate reporting; and operates independent
enforcement arrangements for accountants and actuaries. As the
Competent Authority for audit in the UK the FRC sets auditing and
ethical standards and monitors and enforces audit quality.
2. In relation to enforcement matters, the FRC is the
independent, investigative and disciplinary body for accountants
and actuaries in the UK dealing with cases which raise important
issues affecting the public interest. In brief, the stages of the
disciplinary process under the Actuarial Scheme are:
-- Decision to investigate
-- Investigation
-- Decision whether to bring enforcement proceedings against the
Member and, if so decided, referral to Disciplinary Tribunal
-- Tribunal hearing
-- Determination and imposition of sanction and/or costs orders
Under the Actuarial Scheme the FRC can start a disciplinary
investigation in one of two ways: (i) the professional body can
refer cases to the FRC; and (ii) the FRC may decide of its own
accord to investigate a matter. The Conduct Committee will consider
each case identified or referred to it and decide whether or not
the criteria for an investigation are met.
The criteria are specified in paragraph 5(1) of the Actuarial
Scheme. A Member shall be liable to investigation under this Scheme
only where, in the opinion of the Conduct Committee the matter
raises or appears to raise important issues affecting the public
interest in the United Kingdom and there are reasonable grounds to
suspect that there may have been Misconduct or it appears that the
Member has failed to comply with any of his or its obligations
under paragraphs 14(1) or 14(2) of the Scheme.
Investigations are conducted by Executive Counsel and the
Enforcement division.
3. All Press enquiries should be directed to:
-- Peter Timberlake, Head of Communications, on telephone: 020
7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
-- Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
-- Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: a.sinnen@frc.org.uk.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IRSRBMFTMBJJBRR
(END) Dow Jones Newswires
August 01, 2017 02:00 ET (06:00 GMT)
Coats (LSE:COA)
Historical Stock Chart
From Apr 2024 to May 2024
Coats (LSE:COA)
Historical Stock Chart
From May 2023 to May 2024