FRC
Future Audit Supervision Strategy: FRC launches second phase of engagement
The FRC has published a discussion paper and launched the next phase of engagement on its Future of Audit Supervision Strategy (‘FASS’). Following the feedback the FRC received from stakeholders in its early engagement on FASS, it has developed a set of proposals on which it is seeking views from stakeholders. Key proposals include introducing a transition period during which the FRC will reduce the inspection work that it performs on the International Standard of Quality Management (UK) 1 for the 12 largest Public Interest Entity audit firms, as well as developing the reporting model for the audit market to ensure reporting continues to provide value for investors, users of financial statements, businesses and the public.
The FRC are inviting responses to the questions set out in the discussion paper to be sent in by 30 September 2025.
FRC issues additional factsheets to support FRS 102 preparers
The FRC has issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The new factsheets focus on a number of areas, with FRS Factsheet 12 ‘Presentation of the financial statements’ setting out the options available to entities applying FRS 102 for presenting the financial statements. FRS Factsheet 13 ‘The Going Concern Basis of Accounting for Small Companies and Micro-entities’ supports directors of small companies and micro-entities as they perform their going concern assessments and disclose their conclusions including how these conclusions were reached.
ICAEW
Interim guidance on the handling of car finance claims from ICAEW, ICAS and the IPA | ICAEW
The ICAEW has released interim guidance on the handling of car finance claims following the 1 August 2025 Supreme Court decision in the case of Hopcraft and another (Respondents) v Close Brothers Limited (Appellant) [2025] UKSC 33. The interim guidance sets out expectations on how insolvency office holders should administer potentially affected personal insolvency cases before any redress scheme is set up.
ACCA
ACCA and EY share new guidance to help businesses boost confidence in AI | ACCA Global
ACCA and EY have published a paper to help businesses and policymakers build trust in AI Systems. The paper explores the emerging field of AI assessments, which encompasses a broad spectrum of AI evaluations spanning technical governance and compliance assessments, through to more traditional assurance and audits.
The paper outlines three emerging types of AI assessments: governance assessments, conformity assessments and performance assessments. The paper also sets out a number of suggestions to help business leaders and policymakers ensure AI assessments are as effective as possible, including how business leaders should consider the role AI assessments can play in enhancing corporate governance and risk management, and that policymakers are encouraged to clearly define the purpose, components, methodology, and criteria of AI assessments.
RICS
RICS collaborates with CISL to advance sustainable built and natural environment
The Royal Institute of Chartered Surveyors (‘RICS’) has announced a new project with The University of Cambridge Institute for Sustainability Leadership (‘CISL’). The work will focus on building the capacity for change among RICS’ 150,00 members through online learning, supporting the annual 20-hour continuing professional development requirement for Chartered Surveyors.
SRA
The Solicitors Regulation Authority (‘SRA’) have published findings related to how law firms handle high-volume consumer claims, highlighting significant concerns over poor practice. The SRA’s findings suggest some forms could be failing in their duty to protect and promote clients’ best interests when pursuing claims, potentially leading to direct risk and harm to the public. As a result of their findings, the SRA have decided to contact firms active in the sector, requiring them to complete a mandatory declaration confirming they understand and are following the SRA’s rules.
After surveying 129 law firms active in the high-volume claims market, the SRA then conducted in-depth visits to 25 of these firms. They found that only 11 of the 25 firms visited could prove that they had shared the required client care information with all claimants when taking them on, and only 12 had records which proved they had shared all the required information on costs and how claims would be funded.
SRA | SRA calls for views to shape further robust action on claims | Solicitors Regulation Authority
The SRA have called for further evidence on the challenges facing consumers that join high-volume claims. The SRA’s recent thematic review concluded that many firms were failing in their duty to protect and promote clients’ best interests when pursuing these claims. The SRA are already investigating 76 firms involved in high-volume claims and have recently written to over 500 other firms asking them to complete a mandatory declaration of compliance.
The SRA have also published a discussion paper, which identifies five main challenges with the operation of the sector, inviting views from a wide range of people on these challenges. The challenges identified include: managing risks and third-party litigation funding, making sure after-the-event insurance meets consumers’ needs and delivering wider improvements across the system for consumers in high-volume claims processes.
BSB
The BSB reports progress on its Anti-Racist Strategy 2024-27
The Bar Standards Board (‘BSB’) has published an update on its progress on its Anti-Racist Strategy 2024-27. They have highlighted key achievements in the report such as forming the Anti-Racist Implementation Group, to deliver the Year 1 Action Plan, consisting of voluntary members from across the BSB, and a Board Sponsor, and updating the BSB Board Code of Conduct to include a commitment to anti-racism.
Following this, the BSB have now launched its Year 2 Action Plan, with highlights including improving the take-up of learning and development opportunities by BSB people from a diverse range of backgrounds, identifying improvements to data collection at the application, shortlist and offer stage of recruitment and exploring anonymous reporting tools to ensure BSB people can confidently report incidents.
The BSB have welcomed the Independent Review of Bullying, Harassment and Sexual Harassment at the Bar. The BSB have taken forward a Reform Programme which will improve the speed and responsiveness of our enforcement process, re-designing their enforcement process to accelerate cases including those of bully and harassment, with an expectation of 80% of investigations to be completed within 25 weeks once the supporting system changes are fully in effect from January 2027.
The BSB are also taking a range of actions to better support witnesses in cases involving bullying and harassment, including the introduction of training for their enforcement teams on a trauma-led approach to regulatory enforcement, and consultation on a change to their regulations to provide that witnesses in cases in sexual harassment cases should have an automatic presumption of anonymity.
GCC
GCC welcomes findings of PSA review confirming strong performance and ongoing improvements | GCC
The General Chiropractic Council (‘GCC’) have welcomed findings of a Professional Standards Authority (‘PSA’) review that confirm strong performance by the GCC, with the regulatory meeting 17 out of the 18 Standards of Good Regulation.
Standard 15 was the only standard not met, relation to the time taken to progress fitness to practise investigations. However, the PSA acknowledged that the GCC had taken significant steps, including introducing a new case management system and appointing new Professional Conduct Committee Chairs.
BACP
Announcement about our Chair and Deputy Chair
The British Association of Counselling and Psychotherapy (‘BACP’) board have announced the removal of their chair and deputy chair. As a result of these removals, the board have committed to making changes such as launching a review of the purpose and scope of the roles of chair and deputy chair and begun work with the CEO Phil James to start a review of the BACP’s Articles of Association.
GMC
Our statement following the decision of the High Court - GMC
The General Medical Council (‘GMC’) have issued a statement following the decision of the High Court to dismiss a judicial review claim brought by Anaesthetists United Ltd.
‘Today, our regulation of associates — supported by a robust system of registration — ensures they are safer and better equipped to carry out their duties and can be held to account if they pose a risk to patients or public confidence.
‘We welcome the decision of the High Court to dismiss the claims on all grounds and we are pleased the Court found our approach when considering how we would regulate associates, and our decision not to impose limits on their practice, was ‘coherent and rational'.’
In her judgment, Mrs Justice Lambert DBE dismissed claims that the GMC failed to produce adequate standards and guidance concerning the safe supervision of associates by doctors, and claims that the GMC had not gone far enough to ensure associates told patients that they are not doctors.
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