2025-28 Strategy and Plan and Budget Consultation
Published: 2 January 2025
Response deadline: 6 February 2025
| Title | FRC 3-Year Strategy: 2025-28 |
|---|---|
| Format | pdf, 2.1 MB |
| Name | Annual Plan and Budget: 2025-26 |
|---|---|
| Publication date | 17 December 2024 |
| Format | PDF, 1.6 MB |
Overview
The Financial Reporting Council (FRC) has published a draft three year strategy for 2025-28 reaffirming its commitment to serving the public interest and supporting UK economic growth. Alongside the strategy, the FRC has also published a draft Plan and Budget for 2025-26.
The FRC is pleased to launch a consultation of the new strategy and plan and budget. This strategy is a pivotal step in shaping our future priorities and ensuring that we continue to uphold public trust and confidence in corporate governance, corporate reporting, audit and actuarial work, while contributing positively to the environment for economic growth and investment.
To build on progress made in recent years, the FRC is embracing its role as a modern, forward-looking regulator. Several initiatives will be central to this effort, including an evolved approach to supervision of audit firms and a review of enforcement procedures. These initiatives will be developed as usual through extensive and open engagement with our stakeholders and enhance the efficiency, effectiveness, and proportionality of the FRC’s processes, ensuring they continue to encourage high-quality standards and improvements across regulated sectors.
The FRC remains mindful of the current economic environment and is committed to avoiding unnecessary cost increases for levy payers, and for the coming year the FRC will continue to seek further efficiencies and maintain a flat headcount.
The FRC welcomes the government’s commitment, as outlined in the King’s Speech in July 2024, to introduce draft legislation aimed at reforming and modernising the FRC’s statutory authorities and powers. This future change will bolster the organisation’s ability to fulfil its purpose and deliver on its public interest mandate with a strengthened statutory foundation.
This consultation represents an opportunity to set out priorities and gather insights on how best to address challenges and develop opportunities in the years ahead. We invite stakeholders to review the consultation documents and share their feedback to [email protected] by 6 February 2025.