Watchdog to be funded by industry and firms
The UK's accounting regulator is to lose its government funding and is to rely on companies and accounting firms for its finances.
The Department for Business, Enterprise and Regulatory Reform today announced it would like to see new funding arrangements in place for the independent Financial Reporting Council.
The FRC is now set to move to private sector funding, in line with funding arrangements of other regulators including the pensions regulator and the Financial Services Authority.
Secretary of state for trade and consumer affairs, Gareth Thomas, said government concluded that the FRC should be funded largely by market participants since it is a market-led regulator.
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