The U.K.’s business secretary announced on 11 March that the Financial Reporting Council (FRC) will be replaced with a new regulator following a recent review conducted by Sir John Kingman of the London Stock Exchange.
That overseer will have “a new mandate, new leadership, and stronger powers set down in law,” according to the press release from the Department for Business, Energy & Industrial Strategy (BEIS), and it will be called the “Audit, Reporting and Governance Authority.”
