The UK needs a regulator of global standing; a reformed FRC can fill that role
Wednesday 8 August 2018, Responding to the government’s independent review of the Financial Reporting Council, led by Sir John Kingman, Vernon Soare, ICAEW Chief Operation Officer, said:"In a post-Brexit world, the UK must be seen as a great place to invest and to do business. A part of this will be a regulator of global standing, which can deliver confidence, both international and domestic, in the UK’s standards for corporate governance, auditing and accounting.
ICAEW believes the Financial Reporting Council could fulfil that role. But it will need a tighter remit from Government, defined boundaries, strengthened powers and a tireless commitment to drive improvement. We hope the Kingman Review will recommend that the FRC is reformed and retained.”
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