The FRC said that ‘the Lab won’t exist anymore but that is because the restructure means the Lab colleagues and work they do will now be incorporated into the larger market intelligence and insights and digital reporting and taxonomies functions – so we won’t be losing anything’.

The closure of the FRC Lab follows a strategic review of the regulator’s economic analysis, data analysis, research and market monitoring functions, which will see the Lab disbandedf and reorganised into two new teams to enable delivery of better stakeholder outcomes across the FRC’s remit and regulatory scope.

The function of the old Lab will be split into two new departments, digital reporting and taxonomies led by director Phil Fitz-Gerald and market intelligence and insights led by director Laura Warren.