GRC Report Staff

The Financial Reporting Council (FRC) has published a new report setting out what’s working, and what isn’t, across the audits of the UK’s twelve largest firms. Drawing from inspections carried out over the 2023/24 and 2024/25 cycles, the regulator’s Key Findings and Good Practice Report shines a light on both the progress being made and the persistent gaps that continue to shape the state of audit quality in the UK.

The Dutch Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) are warning that the Netherlands’ financial system is becoming increasingly fragile, not because of balance sheets or liquidity, but because of its digital backbone.

The Securities and Futures Commission (SFC) has reprimanded and fined UBS $1 million (HK$8 million) after uncovering a 12-year stretch of compliance failures tied to the bank’s misclassification of professional investors in Hong Kong. The regulator cited “deficiencies in internal systems and controls” that led to the inaccurate classification of hundreds of client accounts and improper access to restricted financial products.

The European Banking Authority (EBA) has published its 2024 Report on Supervisory Convergence, signaling a quiet but meaningful shift in how the EU oversees its banking sector. After more than a decade of building the Single Rulebook, the focus is no longer on writing rules, it’s on making sure they work.

The Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency (OCC) have jointly withdrawn their Principles for Climate-Related Financial Risk Management for Large Financial Institutions, rescinding guidance that had been in place since October 2023 in a major policy reversal.

European importers of tin, tungsten, tantalum, and gold will soon have an easier path to compliance after the European Commission recognized the first supply chain due diligence scheme under the EU’s Conflict Minerals Regulation.

The Financial Reporting Council (FRC) has published a fresh look into the state of UK audit quality, a mix of warning signs and bright spots drawn from inspections across the twelve largest audit firms.