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BHS and the FRC

10 May 2016

The FRCís CEO, Stephen Haddrill has formally written to Richard Fuller MP over his concerns about the demise of BHS.

He explained that the FRC is looking into events at BHS to determine whether to investigate under its enforcement arrangements. These arrangements apply to accountants, auditors and actuaries who are members of a professional body in the UK.

It should be noted that our enforcement powers do not extend to company directors unless they are members of the relevant professional bodies.

Other regulators and law enforcement agencies have powers to investigate directors and FRC is liaising closely with them to exchange information that is relevant to their respective remits.

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