The FRC reforms noted in our June 2012 Update have received parliamentary approval by the House of Commons and House of Lords. From 2 July 2012, strategic decisions have been taken by the FRC Board, supported by the Codes and Standard Committee and the Conduct Committee.

Following this restructuring, the responsibility for operating the disciplinary Schemes will be transferred from the AADB to the FRC through the Conduct Committee. The FRC has launched a consultation on its disciplinary schemes in order to allow for this transition and to enhance the effectiveness and efficiency of the operation of the Schemes. Responses to the consultation were required by 15 September 2012.