In an 18 December review of the Financial Reporting Council (FRC), Sir John Kingman, chairman of the financial services group at Legal & General, called the agency “a hangover from a bygone era.” Kingman said the regulator should be replaced by a new body called the Audit, Reporting and Governance Authority (ARGA) and should operate with “a new mandate, new clarity of mission, new leadership, and new powers.”
