The review will be led by Sir John Kingman, who has
extensive private and public sector experience. He will
be supported by an advisory board which he will
convene.
The root and branch review, due for completion by the
end of 2018, will assess the FRC’s governance,
impact and powers, to help ensure it is fit for the
future.
The review aims to make the FRC the best
in class for corporate governance and transparency,
while helping it fulfil its role of safeguarding the
UK’s leading business environment.
The review follows the announcement of as the
recommended new head of the Competition and Markets
Authority, demonstrating the government’s determination
that markets and the economy are working for consumers.
Business Secretary said:
The UK has a strong reputation as a dependable place
to do business but this needs to be continuously
updated and it’s important to ensure all of our
regulators continue to drive high standards.
I am pleased to appoint Sir John who has a rigorous
approach to bring to bear in leading this
comprehensive review of the Financial Reporting
Council. This review is part of the government’s
Industrial Strategy aim of creating a business
environment that ensures our regulators are fit for
the future and our markets are working for consumers.
The review will include a consultation, asking for
views on the FRC’s role in the
British economy.
Notes to editors
Sir John Kingman is Chairman of Legal & General
plc, the largest institutional investor in the UK. He
is also Chair of UK Research & Innovation. Until
June 2016 he was Second Permanent Secretary to HM
Treasury, where he worked on a wide range of issues
relating to economic performance, investment and
financial markets. He is a Visiting Fellow of the
Centre for Corporate Reputation, Oxford University.
