Interesting points from this Review report on the FRC:
The summary results of the Independent Review of the Financial Reporting Council, report of December 2018, has widespread implications for the the way all regulators and regulatory bodies think about themselves. The main points of the report are summarised as follows:
The Review believes that the FRC should be replaced with a new body which:
• Has a clear and precise sense of purpose and mission;
• Is firmly focused on the interests of consumers of financial information, not producers; • Is respected by those who depend on its work, and where necessary feared by those whom it regulates;
• Has the right powers and resources it needs to do its job; and
• Is able to attract the highest-quality people.
7. These are not unrealistic aspirations for a regulator. Broadly speaking, all these things are now, after a decade of post-crisis reconstruction, true for both of the UK’s two main financial regulators.
The Carillion plc issues are noted in the Report, as is the current climate of corporate governance.
