FRC rated "world class" by government oversight body
Soft touch approach lauded
The UK’s financial reporting regulator was praised for its “world class”
approach in a report.
Better Regulation, the Department of Business’s department which monitors and
promotes regulatory reform, found the Financial Reporting Council was highly
“The flexible ‘soft law’ approach to raising standards of corporate
governance in listed companies was found to be world-class,” the report said.
The last year saw the FRC tackle some weighty financial issues including
revisions ot the UK corportate governance code, the creation of an audit
governance code and, most recently, possible restrictions on non-audit services,
provided by auditors to their clients.
Read the full report: FRC – A Hampton
Implementation Review Report