Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, if he will appoint an independent committee to examine the governance of recognised supervisory bodies.

The Financial Reporting Council (FRC) oversees of the work of recognised supervisory bodies (RSBs) as the Secretary of State’s delegate and the UK’s competent authority for audit. The FRC is designated for these purposes by the Companies Act 2006 and certain secondary legislation. If the RSBs breach the requirements put in place under that legislation, the FRC can remove the bodies’ recognition and can also reclaim any audit regulatory functions that it has delegated to them.