As the FRC continues its work to restore public trust and confidence in audit, corporate reporting and governance, while embedding its remit to support UK economic growth and competitiveness, the Plan and Budget sets out how it intends to deliver on its strategic priorities.

The five strategic objectives of the FRC will remain unchanged and, in 2024-25, the FRC will particularly focus on the following areas highlighted in its new remit letter:

• Embedding its growth duty into its decision-making processes wherever this is not clear.
• Finalising work associated with its review of the UK Corporate Governance Code and its associated guidance.
• Commencing a full review of the Stewardship Code.
• Building on improvements in audit quality where they have been achieved, including in its role as shadow System Leader for local authority audit. The FRC will also support challenger and smaller audit firms to deliver better audit quality alongside their ambitions to scale in size and scope.
• Supporting the simplification and streamlining of corporate reporting by continuing its close engagement with the government on its review of non financial reporting requirements.
• Making the UK’s sustainability reporting framework world-class through its work with international standard setters and other regulators, and in its role as secretariat to the UK Sustainability Advisory Committee.
• Continuing its actuarial work and engagement with all parts of the pensions system in support of reliable and consistent pension projections.

The Plan and Budget provides details of the priorities and key deliverables of each of the FRC's five divisions (Regulatory Standards, Supervision, Enforcement, Corporate Services and CEO division) which highlight how the FRC intends to deliver on the above Government priorities set out in its new remit letter.  It also covers the operational requirements and resourcing of the FRC and the UK Endorsement Board (UKEB) and sets out targets to measure success.

In 2024-25 the FRC will pause planned further growth due to delays to legislation which would have given the FRC a broader remit and new powers and will instead prioritise existing resources.  The combined budgeted cost of the FRC and the UKEB is also set to increase to £71.5m from £66.3m in the prior year as set out in the proposed expenditure and funding budget.

During 2024-25 the FRC has signalled its intention to undertake a full review of its strategy and objectives, with a view to subsequently publishing a 3-year strategy, supplemented each year with an annual plan and budget.

A press release and the Plan and Budget 2024-25 are available on the FRC website.