The general election is now over, and Parliament has more time to deal with matters other than Brexit. The spotlight has therefore returned to corporate governance, with The Sunday Times reporting that the FRC is developing a “British version of Sarbanes-Oxley”. It reported that this would “heap more responsibility on to directors, asking them to vouch regularly for the integrity of their financial controls and – if passed into law in the UK – opening the possibility of criminal proceedings against chief executives and finance directors for reporting misleading statements to the market.”
With Christmas just around the corner, many of us will be inundated with festive events to kick off the season in style. Whilst this is an opportunity to indulge in mince pies, mulled wine and socialise with colleagues, remember that upholding the reputation of your profession remains a permanent state of affairs, and not an obligation which can be ‘relaxed’ simply because it’s Christmas.
The introduction of the SRA Standards and Regulations (StaRs) on 25 November 2019 brings with it a number of changes to the legal regulatory landscape, as set out by my colleagues in previous blogs in this series. Change is not always something we welcome with open arms, especially when busy workloads leave little time for us to take stock. This, however, is a real opportunity to do just that; review your firm’s current systems, processes and approach to complying with its regulatory obligations, and reflect on your own practice, and improve these for the better.