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FRC publishes Plan & Budget for 2016/17

The Financial Reporting Council (FRC) has yesterday published its Plan & Budget, including its levies, for 2016/17.  The FRC will invest in its significant new role as Competent Authority for audit regulation under the EU Audit Regulation and Directive, which will commence in June 2016. Other priorities include the FRC’s work to highlight good practice in corporate culture, promoting effective engagement between investors and companies, a continuing focus on the importance of clear and concise corporate reporting, and updating the FRC’s suite of actuarial technical standards.

In finalising its Plan & Budget, the FRC has taken into account the important and helpful comments received from stakeholders on its proposals, which were published in December 2015, including on how it finances its operations and priorities.

Stephen Haddrill, CEO of the FRC, said,

“We are grateful for the constructive feedback we received from stakeholders in response to the draft Plan and Budget published in December. We are committed to maintaining an effective and proportionate regulatory framework for corporate governance and reporting. Stakeholder support is important for our ongoing work to enhance investor confidence by promoting trustworthy information and behaviour. We have reflected the feedback we received in the finalised Plan & Budget. 

We aim to embed regulatory changes introduced since the crisis and continue our work in highlighting the importance of good corporate culture and high quality reporting while taking on the significant new responsibilities we have been given as Competent Authority under the EU Audit Regulation and Directive.”

The responses to the FRC’s consultation on its Draft Plan & Budget and Levy Proposals 2016/17 are available here.
Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We 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 disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.
  2. All Press enquiries should be directed to:
  • Peter Timberlake, Head of Communications, on telephone: 020 7492 2397/ 07768 502332, or email: p.timberlake@frc.org.uk.
  • Rita Carolan, Communications Manager, on telephone: 020 7492 2307/ 07428 149096 or email: r.carolan@frc.org.uk.
  • Alana Sinnen, Communications Manager, on telephone: 020 7492 2395/ 07949 005526 or email: a.sinnen@frc.org.uk.

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