FRC Launches Consultation on Draft Plan and Budget for 2024-25

News types: Generic Announcement

Published: 15 December 2023

The Financial Reporting Council (FRC) has today launched a consultation on its plan and budget for 2024-25 which sets out its priorities and resources for next year.

As the FRC continues its work to restore public trust and confidence in audit, corporate reporting and governance, while embedding its remit to support UK economic growth and competitiveness, the draft plan sets out how it intends to deliver on its strategic priorities.

Given the delay to legislation which would have given the FRC a broader remit and new statutory powers, and a desire to avoid unnecessary increases in charges to levy payers, the FRC has decided to pause previously planned headcount growth for 2024-25. Headcount will remain flat compared to 2023-24 levels and previous plans for a 16% increase next year.

The draft plan also includes provision for the opening of a new FRC office in Birmingham city centre in late 2023-24. This forms part of the FRC’s commitment to building its presence outside London and supporting the government’s Places for Growth programme.

Overall, the 2024-25 combined budgeted cost of £72.0m for the FRC and the UKEB will be higher than the previous year (£66.3m) but 5% lower than was previously expected. The percentage change in our budget year on year broadly reflects the rate of inflation over the period.

“This draft plan aims to consolidate and prioritise our work where it can best contribute to improved public interest outcomes across the FRC’s broad remit. As ever we look forward to engaging with our stakeholders on the proposals.”

Richard Moriarty, FRC CEO

The consultation on the FRC’s draft plan and budget and the UKEB’s draft strategy is open until 26 January 2024.

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