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<p>The determination of sanctioning policy is a matter for the Financial Reporting
Council (FRC) as part of the independent exercise of its powers. The FRC commissioned
an independent review by Sir Christopher Clarke QC of its framework of sanctions in
March 2017.</p><p> </p><p>The review concluded with the publication of a report and
recommendations on 21 November 2017.</p><p> </p><p>It is now a matter for the FRC
to take forward the implementation of the recommendations. The Department of Business,
Energy and Industrial Strategy will work with the FRC to support them in their implementation
of the recommendations as needed.</p>
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