FRC welcomes Public Bodies Review
News types: Generic Announcement, Response
Published: 14 October 2010
The Government today announced that the Financial Reporting Council (FRC) will be retained and substantially reformed with its future reliance on government funding removed. The announcement was made as part of the Cabinet Office’s review of public bodies.
Commenting on the decision Stephen Haddrill, FRC Chief Executive said,
“The FRC is committed to the principles of accountability, transparency and value for money identified by the Government in the public bodies review. We believe today’s decision will help to reinforce the FRC’s independence as a regulator, undertaking our functions in a politically impartial way in the public interest.
“Over the last two years our reliance on public money has reduced substantially and we currently receive just 5% of our funding from BIS – the remaining 95% is provided by market participants.
“The FRC looks forward to working with the Government in the coming weeks as it prepares the Public Bodies Bill to ensure any additional reforms strengthen our independence and deliver greater transparency in the regulatory and oversight functions we undertake.”
Notes to Editors
The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
Document created under a former FRC operating body.