UK: the Financial Reporting Council and the Public Bodies Review

The Government announced yesterday, as part of its review of public bodies, that the Financial Reporting Council would be retained and "substantially reformed" with its funding from the Department for Business, Innovation and Skills (BIS) ended: see here (pdf). The FRC's chief executive, Stephen Hadrill, welcomed this announcement (see here), noting that the decision would reinforce the FRS's independence as a regulator and that only 5% of its current funding came from BIS. No hint is offered as to what substantial reform is envisaged and it will therefore be interesting to see what is included in the proposed Public Bodies Bill.