UK to replace governance watchdog with new regulator
The Financial Reporting Council is to come to an end as a government report recommends replacing it with a new body—the Audit, Reporting and Governance Authority.
Greg Clark. Photo: Shutterstock
The UK is to scrap the country's governance, financial reporting and audit watchdog—the Financial Reporting Council (FRC)— and replace it with a brand new regulator.
The Kingman Report—written by Sir John Kingman—has recommended that the new body should be focused on the "interests of consumers of financial information, not producers" and should be "feared" by the people and organisations that it regulates.
The Kingman Report was commissioned by Greg Clark, the business secretary, following heavy criticism of the FRC and its work in relation to monitoring the work of KPMG—auditors of Carillion, the construction giant that coll
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