FRC ‘should consult less’

The accounting watchdog the Financial Reporting Council should consult less,
the president of the ICAEW has said.

Richard Dyson made the plea at the president’s annual dinner last night held
at Moorgate Place.

‘I think we would all like to see our regulatory oversight body the Financial
Reporting Council consult a little less. While many of the issues on the table
are important – indeed the institute is playing its role in supporting a number
of them – the sheer volume of consultation documents creates additional burden
for many and, as I said last year, I and my fellow professionals would urge
greater focus on fewer areas,’ he said.

Speaking after the dinner, Paul Boyle, chief executive of the FRC, told
Accountancy Age that those who made calls for less consultation should tell the
FRC what they want it to do and what they didn’t want it to do.

The call for less consultation on regulatory matters came alongside criticism
of HM Revenue & Customs’ for not consulting enough.

Addressing a cast of distinguished guests including Dave Hartnett, the acting
chairman of HMRC, Boyle and guest speaker Lord Browne of Madingley, Dyson said:
‘Six months ago London was being heralded as one of the most successful capital
markets in the world.

‘Today we are already seeing our position eroded as the impact of ill-thought
through policy proposals undermines our competitiveness as an economy.

‘The problem is exacerbated by the increasing lack of genuine consultation on
the issues. The taxing of trusts, changes to self assessment filing dates, the
introduction of a single rate of capital gains tax and the proposed new regime
for non doms are just four examples where the unintended consequences of policy
change could so easily have been avoided,’ he said.

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