The UK's accounting regulator, the Financial Reporting Council (FRC), is to be replaced by a more powerful watchdog with less potential for conflicts of interest. Greg Clark, 51, the business secretary, said the government would move ahead with the recommendations of a review of the Financial Reporting Council last year by Sir John Kingman, 49, the chairman of Legal &amp; General. In an announcement on Wednesday, the FCA said it would create a new body called the Office of Fair Trading (OFT) that will have greater powers and responsibilities than its predecessor. These companies will be regulated and have their work supervised, and will be liable to provide answers on performance and conduct. Arga will also have license to more strictly punish companies and auditors following corporate failures, and intervene directly in their accounts.
The UK's accounting regulator, the Financial Reporting Council (FRC), is to be replaced by a more powerful watchdog with less potential for conflicts of interest. In an announcement on Wednesday, the FCA said it would create a new body called the Office of Fair Trading (OFT) that will have greater powers and responsibilities than its predecessor. These companies will be regulated and have their work supervised, and will be liable to provide answers on performance and conduct. Arga will also have license to more strictly punish companies and auditors following corporate failures, and intervene directly in their accounts.