The Financial Reporting Council (FRC) has published new disciplinary arrangements which give the regulator greater independence in the way it handles investigations into misconduct by accountants.

Under the updated Accountancy Scheme the FRC is no longer required to consult with professional bodies before beginning an investigation, or before it amends the rules on misconduct. The watchdog is now also able to conduct enquiries before initiating an investigation and has new powers to issue interim orders.

In addition, the revised scheme introduces a change to the definition of misconduct which the FRC is designed to ensure it investigates the right type of cases. There are new arrangements for monitoring individual cases by members of a case management committee, and amendments to reduce the potential for delay. There is also a provision to facilitate the early resolution of disciplinary cases without the need for a tribunal hearing.

Paul George, FRC executive director of conduct, said: 'Amending the disciplinary schemes to make them more independent, efficient and effective was a key part of the package of FRC reforms introduced in 2012. Revisions to the accountancy scheme therefore mark a significant step in the implementation of those plans.'

The participants of the new scheme are ICAEW, CIMA, ICAI, ACCA and ICAS, while CIPFA is expected to be in a position to endorse the new scheme later this year.