Regulator gets tough on big firm misconduct

The Accountancy and Actuarial Discipline Board (AADB) has launched a consultation called Sanctions Guidance to Tribunals that could see disciplinary fines linked to turnover.

Under the proposals tribunals will be encouraged to base their fines on a percentage of the entire firm’s turnover, which could considerably increase the size of a fine. The AADB said the guidance includes proposals for calculating fines, “which in some cases is likely to lead to higher fines than has been the case in the past.”

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