FRC Financial Conduct Authority

Financial Reporting Council: A lawyer for Cryne told the Guardian his client had received a letter from the FRC formally closing the investigation as long ago as May last year, according to The Guardian. He said the investigation had resulted in no fine or other sanction against the former iSoft boss. Two years ago the Financial Reporting Council , which has powers to fine and strike off accountants found to have breached professional standards, resurrected its probe into the conduct of Cryne after criminal charges against him were dropped by the Financial Conduct Authority. The matter is closed so far as the FRC and Mr Cryne are concerned, he said. The FRC has spent years reviewing the past affairs of iSoft, poring over one of the biggest accounting scandals at a stock market company in modern times. Cryne has always denied wrongdoing. (news.financializer.com). As reported in the news.