FRC publishes plan and budget for 2024-25

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Published: 25 March 2024

The Financial Reporting Council (FRC) has today published its Plan and Budget for 2024-25, outlining its aims for a year of consolidation and prioritisation to support public interest outcomes and UK economic growth.

With no new statutory powers expected in 2024-25, despite the government's continued commitment, the FRC will focus on its core purpose of promoting trust and confidence in audit, corporate reporting and governance. A key priority will be further embedding the FRC's ‘growth duty’ into all regulatory decision-making.

Given the delay to legislation that would have expanded its remit, the FRC has decided against the previously planned 16% headcount increase to 590 staff. Instead, headcount will remain flat at around 506 in 2024-25 to avoid unnecessary cost increases for levy payers.

The combined £71.5m budgeted cost for the FRC and UK Endorsement Board in 2024-25 is 5% lower than previously forecast, but higher than 2023-24 (£66.3m), reflecting inflation. It includes provision for a new FRC office in Birmingham, supporting the government's levelling-up agenda.

"The FRC has a key role to play in supporting UK businesses to grow and thrive while delivering on our core public interest responsibilities.

Our plan and budget sets out our key priorities for the year ahead, which includes embedding of the growth duty into our regulatory decision-making to support UK growth and competitiveness."

Richard Moriarty, FRC CEO