The Panel established to conduct a review of the
Financial Reporting Council's enforcement sanctions has published its report and recommendations: see
here (
pdf). Making greater use of non-financial penalties is one of the recommendations that is made and, whilst the Panel concluded that it would not be appropriate to set a tariff for financial sanctions, it suggested that a fine exceeding £10 million could be appropriate where a major firm - one of the Big 4 - was found guilty of "seriously bad incompetence" in respect of the audit of a major public company where the errors were measured in nine figures (or more).
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