FRC ARGA Funding Consultation
29 July 2022
The Government intends that the FRC will transition to the Audit, Reporting and Governance Authority (ARGA). The new authority will play a leading role within the UK framework for corporate governance, corporate reporting, auditing, accountancy and actuarial work. The Government intends to give ARGA statutory powers to raise a levy so that it has a sustainable and independent basis to carry out its regulatory activities and has asked the FRC to consult on how these powers should be applied. The consultation seeks views on three issues: the overall approach to ARGA’s funding; the proposed funding model; and the groups that should fund each of ARGA’s` regulatory activities. The aim is to ensure that the right groups are levied in a proportionate manner. Following the consultation, the FRC will issue a feedback statement responding to stakeholders’ views and noting those issues on which there will be further consultation.