 A decision on enforcement action on auditing matters would be made before the end of 2019, it said, while a decision on directors' conduct would be taken by March 2020.In January 2020, the FRC said the scale and complexity of the investigations meant publication of its first report would be delayed to summer 2020.

Business secretary Greg Clark told the work and pensions committee on 21 March 2018 that he planned an independent inquiry into the operations of the FRC following Carillion's collapse.In November 2018, it was announced that Stephen Haddrill, CEO of the FRC, was to quit, and suggestions that his departure might lead to the body's abolition.