Although the group will not be asked to provide the names of specific companies that should be looked into by the FRRP, it will instead offer its insight into where the panel should be focusing its attentions.
‘The idea behind the group is to provide a broader perspective on the areas of financial reporting and the types of company that are more exposed to risk,’ said Carol Page, FRRP secretary. ‘With these members, we have a wide base of experience that will be giving advice on the risks the panel should be focusing on.’
The group, chaired by FRRP chairman Bill Knight, includes industry heavyweights such as Richard Lambert, a member of the Bank of England’s monetary policy committee and former editor of the Financial Times (pictured), former Financial Services Authority managing director Michael Foot, and Richard Greenhalgh, former chairman of Unilever.
Its first meeting is scheduled for October, where members will be asked to provide comments on the initial thoughts of the FRRP and the FSA as to which areas should be targeted over the coming months.
They will also be questioned on what other areas they believe the panel should address. It is planned that the group will meet twice a year.
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