FRC consults on funding the Audit, reporting and Governance Authority (ARGA)

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01 Aug, 2022

The Financial Reporting Council (FRC) has launched a consultation on draft proposals for how the new regulator, the Audit, reporting and Governance Authority (ARGA), should be funded.

This follows the Government Response to its consultation on Restoring Trust in Audit and Corporate Governance, which set out its intention to give ARGA statutory powers to raise a levy so that it has a sustainable and independent basis on which to carry out its regulatory activities.

The consultation document invites views on the high-level principles on which ARGA's funding model should be based.  Following this consultation, and subject to the Government’s legislative plans, the FRC expects to consult further on detailed aspects of the proposed arrangements, to be contained in a Rule Book.   

Comments are invited until 21 October 2022.

The press release and the consultation document are available on the FRC website. 

Update 21/12/2022 - a feedback statement is available on the FRC website here.

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