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Role and responsibilities

The FRC’s functions derive from a number of sources.  We have direct statutory powers in relation to audit regulation, as well as some statutory powers delegated to us by the Secretary of State. Some of our functions are supported by statutory obligations on other parties to meet our requirements and/or participate in arrangements provided by the FRC. Some of our functions have no statutory backing but derive their authority from widespread support from, and voluntary arrangements with, our stakeholders.
A schedule of our functions and powers can be found below. This updates and replaces the Schedule of Powers at Annex A of the FRC’s 2014 publication Our Regulatory Approach

FRC Roles and Responsibilities: Schedule of Functions and Powers
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The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS