FRC annual report on remit and outlines priorities for supporting UK economic growth in 2025
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Published: 10 January 2025
As promised in 2023, the Financial Reporting Council (FRC) has sent its annual update to the Secretary of State for Business and Trade, Rt Hon Jonathan Reynolds MP, on what it has been doing to fulfil its remit during 2024 and its plans for 2025.
In the update, sent on 28 November, the FRC outlined five priority areas in its ongoing commitment to supporting economic growth while promoting high standards of corporate governance, corporate reporting, and audit across the UK.
Richard Moriarty, FRC CEO"We have outlined five clear priorities so we can fully support the Government's ambition for UK economic growth and contribute to the UK’s well-earned reputation as an attractive destination for investment.
We welcome the government’s support for our approach and its commitment, as outlined in the King’s Speech, to bring forward the draft legislation for audit and governance reform”
The FRC's five priorities to support economic growth are:
- Underpinning investor and broader confidence in UK plc
- Embedding proportionality and reducing unnecessary business burdens
- Understanding and improving market effectiveness
- Identifying and preparing for future trends and innovations
- Supporting the development of professional skills and resilience
Read the FRC's full response to the Secretary of State's remit letter.