Tuesday, 2 November 2010

FRC rejig

I had previously thought that the cryptic reference to reform of the FRC in the Bonfire of the Quangos list related to the ULKA transfer. Not so. Have a look at this response to a written question from Lord Myners:
Financial Reporting Council
Asked by Lord Myners

To ask Her Majesty's Government what plans they have for the Financial Reporting Council; and what are the implications of those plans for the proposed hosting of the UK Listing Authority. [HL3030]

The Parliamentary Under-Secretary of State, Department for Business, Innovation and Skills (Baroness Wilcox): The Government consultation on the future of financial regulation, which, among other things, included the consideration of whether the UKLA should be merged with the FRC or remain within the CPMA markets division closed on 18 October. The Government are currently considering responses to the consultation, and no decisions have yet been made.

This is quite separate from potential changes to the funding and governance structures of the FRC and its operating bodies to make the FRC even more efficient and flexible, on which the Government will be consulting in due course.

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