Lack of independence threatens future of UK accounting regulator, warns PIRC

Corporate governance consultancy Pensions & Investment Research Consultants (PIRC) has accused the UK accounting regulator, the Financial Reporting Council (FRC), of not adhering to the law and failing to operate wholly independently from the accounting profession, and claims it is ‘unsupportable’ in its current form.

The comments were included in a submission from PIRC to a business, energy and industrial strategy (BEIS) committee inquiry on corporate governance. They relate to the FRC’s position on issues including the provision of a strategic report and the reporting of dividend payments under the Companies Act 2006.