The regulatory framework must change for the accountancy watchdog to act quicker and be more transparent, according to Financial Reporting Council (FRC) CEO Stephen Haddrill.
The FRC leader said public expectation of regulators has changed as trust in business has declined. “The language of deregulation has been overtaken by calls for tougher regulation and regulators, and rightly so."
Competition, free trade and innovation should not come at the expense of fairness, he said, and business must be held to account. For that to happen, regulators must be “effective and efficient” and must keep pace with the desire for change.
Commenting on the current regulatory framework of the FRC, he said it has to act fast, be more transparent and challenge companies on everything they say in the annual report, particularly governance, which falls outside its present remit
He was speaking at the Governance Institute’s annual conference in London today. Read more...