FRC plans for greater regulatory oversight
Released 05 February 2020
The Financial Reporting Council (FRC) has announced a major shakeup of its oversight and supervisory functions to speed up the pace of Enforcement investigations.
The regulator is also broadening its stated purpose, which is to serve the public interest by setting high standards of corporate governance and by holding to account those responsible for meeting them.
The strategy for 2020/21 will see the FRC make further progress in its transition to a new regulatory body (Audit, Reporting and Governance Authority (ARGA)).
To meet the requirements of the independent review, the FRC will recruit over 100 additional employees and streamline its decision-making processes. This will result in an increase in levies from £41.7m to £47.2m.
Details are set out in the FRC draft plan and budget, which has been published for consultation until 28 February 2020.
Further information can be found at https://www.frc.org.uk/news/february-2020-(1)/frc-plan-for-greater-regulatory-oversight.