The three-year plan for 2022-25 has been shaped to fund the regulator’s transition to the Audit, Reporting and Governance Authority (ARGA), once government finalises the reform plans and parliamentary approval of new legislation is agreed.

The FRC budget for 2022/23 will be £56m (2021/22: £48.5m), up 13% year on year while funding for the UK Endorsement Board (UKEB) will increase by 53% to £4.6m (2021/22: £3m). Overall, in 2022/23 costs will increase by £9.1m.

The FRC anticipates similar growth in 2023/24, as this will be the first year the regulator transitions to its new structure after ARGA is created and financed for the first time by statutory funding.