In a change of direction and in line with successive governments’ desires to move the regulator out of London and reduce its London-centric focus, the FRC will build up its dual-centre operation with an expansion of the new Birmingham office, adding that it would ‘skew’ its recruitment policy towards hires outside of London.

The regulator plans to move offices when the 10-year lease on its space in London Wall in the City of London expires next year, relocating to Harbour Exchange in Canary Wharf. The last time the FRC relocated in 2014 the move cost £500,000 due to capital costs and fitting out the space.

The annual budget for 2025-26 will be £74m, up 3.5% from £71.5m year on year, including running costs for the UK Endorsement Board (UKEB).