Staff numbers increased by 16% from 281 to 374 with an average salary of £88,000 as the FRC ramps up its monitoring and oversight activities before the government introduces legislation to create the long delayed Audit, Reporting and Governance Authority (ARGA).

The FRC is planning to add a further 94 staff in 2022/23, further consolidating the regulator’s monitoring activities and specialist services.

‘The increase in the number of staff has been an important part of meeting the organisation’s commitment to becoming an effective regulator, and this growth will continue as the FRC transitions to becoming ARGA to maintain the quality and effectiveness of work as the organisation takes on new statutory obligations,’ the FRC said.

FRC