• Register
Return to: Home > News > Financial Results > The UK’s FRC plans for greater regulatory oversight

The UK’s FRC plans for greater regulatory oversight

The UK’s Financial Reporting Council (FRC) has announced plans for a ‘major shakeup’ of its oversight and supervisory functions to speed up the pace of enforcement investigations.

To speed up the investigation and conclusion of enforcement cases, the FRC will increase its number of lawyers and forensic accountants and will strengthen its case examination function in order to fast-track decision on whether to open an enforcement case.

The regulator’s strategy for 2020/21 aims to make further progress in its transition into the Audit, Reporting and Governance Authority, as proposed in the Kingman review last year.

To meet the requirements of the Kingman review, the FRC will recruit over 100 additional employees which will result in an increase of levies from £41.7m ($54.4m) to £47.2m.

Additionally, to improve coverage, the number of Audit Quality and Corporate Reporting Reviews is set to increase by 25%, while audit firm monitoring will be further expanded from the Big Four to challenger firms.

FRC CEO Jonathan Thompson said: “The strategy builds a bolder, more forceful regulator that will act with pace in supervising and holding companies to account. 

 “Ahead of the FRC’s transition into the Audit, Reporting and Governance Authority (ARGA) I am determined we use our powers to the fullest, to respond to corporate governance challenges. 

 “The failure of a major company has significant impact, not just for investors, but for employees and communities.”

 “The public has a major interest in the health of companies which is why we plan to serve that public interest by using our powers to the fullest within our existing regulatory scope.”

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more


    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.