Tuesday 26 Jun 2012 @ 16:15
WiredGov Newswire (news from other organisations)
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Reform of the Financial Reporting Council approved by parliament

Reform of the Financial Reporting Council (FRC) was yesterday given parliamentary approval by the House of Commons and House of Lords.

The reforms will enable the FRC to operate as a unified regulatory body, with enhanced independence from those it regulates, and more proportionate range of sanctions. 
 
As of 2 July, the strategic direction of the key decisions on standards, and how the organisation will discharge its responsibilities, will be undertaken by the Board.

The Board will be supported by three Committees: Codes and Standards Committee ('CSC'), a Conduct Committee ('CC'), and an Executive Committee.  In relation to codes, standard setting and policy questions the FRC will be advised by three Councils, on Accounting, Actuarial and Audit & Assurance matters.
 
Chairman of the FRC, Baroness Hogg, said,
 
“We are pleased that we can now proceed on the basis of our reformed powers. The reforms will further enable the FRC to use its wide ranging expertise to strengthen the UK voice in international debates on corporate governance and reporting.
 
“As we’ve made clear throughout the consultation process, these reforms have represented the close and productive dialogue with a wide range of stakeholders to support our core mission of promoting high quality corporate governance and reporting in the UK to help foster investment.”
Notes to Editors

  1. The Financial Reporting Council is the UK’s independent regulator for promoting high quality corporate governance and reporting to foster investment.
  2. Further detailed information about reform of the FRC can be found here: http://www.frc.org.uk/about/frcreform.cfm.
  3. As of 2 July, Olivia Dickson (Chair of the Actuarial Council), Paul George (Executive Director of Conduct) and Melanie McLaren (Executive of Director of Codes and Standards) will join the main FRC Board.
  4. Media enquiries should be directed to Oliver Parry, Head of Communications on 0207 492 2397 or at o.parry@frc.org.uk

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