This is the FRC’s response to the government’s call for regulators to take action to encourage growth across the areas they control, with the Financial Conduct Authority (FCA) for example proposing simpler, more accessible listing rules.

The FRC said this was the ‘first phase’ of a broader campaign to support UK SMEs to access audit services and secure the capital they need for growth, and plans to publish the findings by the end of the year. 

SMEs are encouraged to take part in the market study, and the FRC is looking for written responses to the review, and will gather views, information and data through meetings, roundtables and additional external research or outreach during the 12-week consultation period.