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The Financial Reporting Council (FRC) has today published a draft three-year strategy for 2025-28 reaffirming its commitment to serving the public interest and supporting UK economic growth.
Alongside the announcement, the FRC has launched a consultation of the new strategy. This strategy is a “pivotal” step in shaping the council’s future priorities and ensuring that it continues to uphold public trust and confidence in corporate governance, corporate reporting, audit and actuarial work, while contributing positively to the environment for economic growth and investment.
To build on progress made in recent years, the FRC is embracing its role as a “modern, forward-looking” regulator. Several initiatives will be central to this effort, including an evolved approach to supervision of audit firms and a review of enforcement procedures.
These initiatives will be developed as usual through extensive and open engagement with its stakeholders and enhance the efficiency, effectiveness, and proportionality of the FRC’s processes, ensuring they continue to encourage high-quality standards and improvements across regulated sectors.
The FRC remains mindful of the current economic environment and is committed to avoiding unnecessary cost increases for levy payers, and for the coming year the council will continue to seek further efficiencies and maintain a flat headcount.
FRC CEO, Richard Moriarty said: “Since taking on the role of CEO a little over a year ago, I have focused on ensuring the FRC is restless at seeking to improve the way it delivers its public interest purpose and supports UK economic growth and investment. Our draft three-year strategy and draft Plan and Budget for 2025/26 embody this approach.
“The strategy includes the FRC’s continued commitment to uphold high standards of corporate governance, corporate reporting, audit, and actuarial work to ensure trust and confidence in businesses across the UK. This in turn enables them to attract investment and grow as well as maintain broader stakeholder support. The strategy also includes important commitments to review our regulation to ensure it is effective, proportionate and best designed for the future.”
