Government issues consultation on recommendations made by the Independent Review of the Financial Reporting Council
14 Mar, 2019
The Department for Business, Energy and Industrial Strategy (BEIS) has issued a consultation to seek views on the recommendations made by the Independent Review of the Financial Reporting Council (FRC) to create a new regulator responsible for audit, corporate reporting and corporate governance.
The review, undertaken by Sir John Kingman, recommends that the FRC be replaced with an independent statutory regulator called the Audit, Reporting and Governance Authority (ARGA).
The consultation addresses each of the 83 recommendations made in Sir John Kingman's Independent Review of the FRC. The proposed responses to these recommendations are separated into three groups:
- those requiring immediate action, which the FRC and BEIS will implement as soon as possible;
- those which require significant policy decisions to be made in deciding how to implement and can be only be implemented once they are further consulted on and legislation made; and
- those which require primary legislation in order to be implemented.
The deadline for responding to the consultation is 11 June 2019. Please click here to access the consultation on the government website.
