In its draft plan and budget for 2013/14 the UK Financial Reporting Council (FRC) has proposed an average increase of 8.5% in levy rates to fund its future activities.

The FRC said the levy rate increase will allow it to strengthen its ability to respond to international demands, scrutinise emerging issues and to conduct research into the economic and business environment.

The draft plan for 2013/14 identifies six priority projects to deliver more effective regulation, better corporate reporting, better audit quality and value, effective actuarial oversight and better links to the economic and market context, which can be found in section one.

It also describes the significant challenges facing accounting, audit, corporate governance and the actuarial profession in the UK over the coming year, and outlines the FRCs response.

Chief executive of the FRC Stephen Haddrill said that reform had produced a more effective organisation, adding that "This plan sets out what the FRC wants to achieve and the resources it needs to do it: more effective regulation, a stronger voice in Europe and internationally, along with good value for money for levy payers."

The deadline for comment is 28 March.

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Financial Reporting Council: draft plan and budget 2013/14