Wednesday, 6 July 2011

UK: the future structure of the Financial Reporting Council

The Financial Reporting Council published its annual report and accounts yesterday: see here (pdf). In her chairman's statement, Baroness Hogg makes clear that changes to the FRC's structure are likely and notes that "... the FRC today consists of seven different bodies to do one job ... The perpetuation of these silos does not, the FRC’s Board believe, serve anyone well". According to Baroness Hogg, the desired structure would be one containing two units or strands: [1] responsibility for setting codes and standards and [2] responsibility for the conduct of companies and professionals.

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