UK: FRC responds to Treasury Committee recommendations

The chief executive of the Financial Reporting Council, Paul Boyle, has written to the Rt. Hon. John McFall MP, the chairman of the Treasury Committee, to explain what the FRC has done in respect of the recommendations addressed to it by the Committee in its report Banking crisis: reforming corporate governance and pay in the City. Mr Boyle's letter notes, inter alia, that: improving the quality of corporate reporting will be one of the FRC's priority projects next year; and the FRC is working with the Financial Services Authority to assess communication between the FSA and auditors.