• Register
Return to: Home > News > UK Government to review Financial Reporting Council

UK Government to review Financial Reporting Council

The UK Government has launched an independent review of the Financial Reporting Council (FRC) to assess its role, powers and independence.

The review aims to increase the transparency of the FRC and its independence from those which it regulates and to assess whether the FRC can carry out its function without any conflict of interest or the ‘perception’ of conflict of interest.

Its last review was conducted in 2011/12 and since then there have been changes to regulation and in the expectation of how regulators operate. Due to this, there have been calls from various stakeholder groups asking for the FRC to demonstrate greater independence.

The review will be led by UK Research and Innovation chair John Kingman, who will be supported by an advisory board, and is set to be completed by the end of 2018. The review process will also include a public consultation.

UK business secretary Greg Clark commented: “The UK has a strong reputation as a dependable place to do business but this needs to be continuously updated and it is important to ensure all of our regulators continue to drive high standards.

“I am pleased to appoint Sir John who has a rigorous approach to bring to bear in leading this comprehensive review of the Financial Reporting Council. This review is part of the government’s Industrial Strategy aim of creating a business environment that ensures our regulators are fit for the future and our markets are working for consumers.”

Following the announcement of the review, the FRC stated its support. FRC chair Win Bishcoff said: “We welcome this independent review of the FRC’s governance, impact and powers to be led by Sir John Kingman and look forward to contributing positively to it.

“Meeting public expectations means using our powers effectively, working closely with other regulators and identifying where gaps in those powers exist.”

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.