On 6th February 2025, UK Shareholders responded to FRC’s consultation on its new three-year strategy and says it should better reflect the recommendations of the Kingman Review
The Kingman Review report was issued in December 2018, just over six years ago. This government is continuing the position of its predecessor by continuing to prevaricate over the Kingman and other reviews’ recommendations in respect of auditing, reporting and governance. While the government seem to think that light touch regulation will help their economic growth agenda, it will do nothing for restoring trust in UK business – the driver for the Kingman and other reviews back then. And it is trust in UK business that will drive economic growth, not the half-baked plans of the government.
This is why our consultation response to the FRC suggests they align their three-year strategy with the recommendations of the Kingman Review in order for the FRC to:
- have a clear and precise sense of purpose and mission;
- be firmly focused on the interests of consumers of financial information, not producers;
- be respected by those who depend on their work, and where necessary feared by those whom they regulate;
- have the right powers and resources they need to do their job; and
- be able to attract the highest-quality people (ie mainly those who have the ability to do the job properly).
