FRC to fall under Freedom of Information Act
High level talks between the Financial Reporting Council and the DTI have taken place to address the regulator's fears that it would be unable to perform its role properly should sensitive corporate information become available under the Freedom of Information Act.
Accountancy Age understands that ongoing correspondence between the FRC and the DTI has highlighted concerns that being subject to the FoI Act will result in companies being less willing to cooperate with the body. Observers expect the Act to be applied to the FRC within the next 18 months.
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