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UK’s Financial Reporting Council reveals record financial sanctions of £46.5M (€55.5M) in annual review

By Elizabeth Hearst for AMLi

The UK’s Financial Reporting Council (FRC) has revealed it imposed record financial sanctions of £46.5M (€55.5M) last year.

The figure was a marked increase from the £16.5M (€19.7M) imposed in 2020/21. The FRC said this increase reflected the “seriousness and high number of cases concluded”, and reflects the FRC’s “growing capability to take on large and complex cases”.

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