Accounting watchdog's government funding to disappear
FRC welcomes removal of government funding as a reinforcement of its independence
FRC chief Stephen Haddrill
The government’s funding of the
Financial Reporting
Council is set to be removed.
Its move comes as part of the government’s plan to retain the FRC, but
substantially reformed. the FRC’s future reliance on government funding will
disappear as part of that process.
Government funding currently accounts for 5% of the council’s budget, with
the remaining 95% from market participants.
FRC chief executive Stephen Haddrill said the move would “reinforce” the
FRC’s independence as a regulator.
“The FRC looks forward to working with the government in the coming weeks as
it prepares the Public Bodies Bill to ensure any additional reforms strengthen
our independence and deliver greater transparency in the regulatory and
oversight functions we undertake,” he added.