BusinessCompany NewsUK plcs face new oversight levy

UK plcs face new oversight levy

City watchdog the Financial Reporting Council has told listed companies of the new levy they face under the tighter oversight structure.

Link: Five key challenges facing the FRC

FTSE350 companies will have to pay £4,250, with those outside the FTSE350 stumping up £1,600, the FRC announced.

The additional costs to listed companies come as part of a fundamental shake up to the way the FRC operates in response to high profile accounting scandals.

Following a review by the department of trade last year, the FRC has become a more proactive body monitoring accounting and auditing standards, overseeing the profession and investigating and disciplining firms and accountants.

The FRC’s operating costs will be paid equally by the government, the profession and listed companies.

Paul Boyle, FRC chief executive, said: ‘The FRC is committed to being a low cost and proportionate regulator. We believe that our levy is a reasonable contribution towards the cost of the UK’s regulatory framework for financial reporting, auditing and corporate governance, which helps to ensure that investor confidence in the UK stock market compares favourable with our international competitors.’

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