Alongside the three-year strategy, the council also published a draft plan and budget for 2025-26. Credit: T. Schneider/Shutterstock.

The UK Financial Reporting Council (FRC) has issued a draft three-year strategy for 2025-28, aimed at supporting economic growth in the UK.

Alongside the three-year strategy, the council also published a draft plan and budget for 2025-26.

The FRC is launching a consultation on the proposed strategy, which outlines priorities for maintaining public trust in corporate governance, corporate reporting, audit, and actuarial work while fostering an environment conducive to economic growth and investment.

Key initiatives of the strategy include revising its approach to supervising audit firms and reviewing enforcement procedures.

Acknowledging the current economic challenges, the FRC aims to avoid unnecessary cost increases for levy payers and maintain a flat headcount in the coming year, with a focus on improving efficiency.

In July 2024, a draft bill was tabled in the new parliamentary session to replace the Financial Reporting Council with a new regulator – the Audit, Reporting and Governance Authority.

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FRC CEO Richard Moriarty said: “Since taking on the role of CEO a little over a year ago, I have focused on ensuring the FRC is restless at seeking to improve the way it delivers its public interest purpose and supports UK economic growth and investment. Our draft three-year strategy and draft plan and budget for 2025/26 embody this approach.

“The strategy includes the FRC’s continued commitment to uphold high standards of corporate governance, corporate reporting, audit, and actuarial work to ensure trust and confidence in businesses across the UK. This in turn enables them to attract investment and grow as well as maintain broader stakeholder support.

“The strategy also includes important commitments to review our regulation to ensure it is effective, proportionate and best designed for the future,” he added.

In November 2024, the FRC released its Annual Review of Corporate Governance Reporting 2024, focusing on the UK Corporate Governance Code.