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

To ask Her Majesty's Government whether they propose to review the effectiveness of the Financial Reporting Council and its independence from the accounting industry.

As part of its green paper consultation on Corporate Governance Reform, the Government invited suggestions on how the UK’s corporate governance framework could be strengthened and on strengthening the Financial Reporting Council’s (FRC) ability to monitor and enforce corporate governance reporting. The Government response to the consultation published on 29 August this year summarised the consultation responses and set out its conclusions and proposals which include giving further consideration to whether the FRC has the appropriate powers, resources and status to operate effectively. The Department for Business, Energy and Industrial Strategy is working closely with the FRC on these issues. The FRC is required to report formally to the Secretary of State each year and these annual reports are laid before Parliament for review by both Houses.