News December 2016 FRC issues draft Plan and Budget for 2017/18

FRC issues draft Plan and Budget for 2017/18

15 December 2016
PN 74/16

The Financial Reporting Council (FRC) has today issued for consultation its Plan and Budget for 2017/18. A key focus of the FRC’s work going forward will be its monitoring and enforcement activities to ensure the UK’s reputation for high standards of corporate governance and reporting, and its standing as a global centre of excellence for accountancy, audit and actuarial work – all of which contribute to confidence in the UK as a destination for investment and drive growth in the economy for the benefit of all.

The FRC will continue to contribute to the development of the UK’s corporate governance framework, including making any necessary changes to the UK Corporate Governance Code.

Stephen Haddrill, Chief Executive Officer at the FRC said,

“For the UK economy to prosper we need to encourage a continuing flow of investment into our capital markets. We must ensure that investment supports economic growth and the wider needs of society. We will play an active role with other regulators in helping address the challenges and opportunities of Brexit and remain influential internationally.

The FRC will continue to work closely with investor, business and professional groups, as well as wider stakeholders, reflecting the strong public interest in the success of the UK corporate governance framework.”

In addition to its work on corporate governance, the FRC will:
  • Enhance the speed and effectiveness of its enforcement role.
  • Promote clear and concise corporate reporting.
  • Promote justifiable confidence in audit through its role as Competent Authority for audit. 
  • Promote high quality actuarial work
The FRC’s budget for 2017/18 will require a 4% increase in its overall funding requirement, principally through an increase of 2.5% in the levies on the professional bodies and a 5% increase in the preparers levy. This will enable the FRC to strengthen its enforcement activities and respond to the Government agenda on corporate governance.  

Draft Plan & Budget and Levy Proposals 2017/18 (PDF)

Notes to editors:

1.    The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We are the UK competent authority for audit and set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent enforcement arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
 
2.    The consultation will close on 17 February 2017. Comments should be sent by email to plan@frc.org.uk or post to: Deputy Head of FRC Delivery Unit, Financial Reporting Council, 8th Floor, 125 London Wall, London, EC2Y 5AS

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