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Big face £10m fines for serious breaches

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The world’s Big Four accounting firms will face potential fines of £10m or more for serious rule breaches from June, double the record penalty to date.

Huw Jones reports in the Independent that the Financial Reporting Council (FRC)  has accepted the findings of a study in November by former judge Christopher Clarke, which recommended much bigger fines for serious misdeeds by the world’s biggest accountants.

Larger fines are part of the FRC’s push to bolster its credibility after being heavily criticised by MPs for being too slow to take on the big accountants caught up in company scandals.

Read more about reccomendations accepted by the FRC here.