The SFC said the penalty is due to failures relating to product due diligence, recordkeeping, and late reporting.
Financial reporting
Voluntarily adoption of semi-annual financial reporting (SAR) as part of a multi-year pilot is inline with SEC Chair Atkins supporting a shift from quarterly reporting.
A failure to adhere to standards for communications between predecessor and successor auditors is at the heart of the violation.
Paul Atkins has threatened to ban overseas companies from using IFRS if they include any sustainability concerns.
A closer reading of the Chair’s comments in the speech shows, as a primary focus, explicit and very prosaic concerns about the IFRS Foundation’s long-term solvency and stability.
The FCA has outlined its next steps, which focus on enhancing and simplifying the sustainability reporting framework.
Top investors including Qatar are realising they may have backed a business that largely reported artificial revenues
The announcement is another step in the government's broader agenda to reshape the UK regulatory landscape and decrease burden on businesses.