Following a review of the Financial Reporting Council’s operations by Sir John Kingman, the government announced yesterday that the organisation will be axed and that a new overseer will replace it. The Department for Business, Energy & Industrial Strategy said the new unit will be called the Audit, Reporting and Governance Authority and will implement 48 recommendations suggested by Kingman. Some have suggested the exercise is merely rearranging the deckchairs while I would add that, as we’ve seen with the Financial Services Authority which was replaced by the Financial Conduct Authority, I’m not sure that they can get the staff.
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