Introduction
In March 2023, the FRC published the 23-26 Plan which
re-prioritises work to reflect the delay in the anticipated
legislation to create the Audit, Reporting and Governance Authority
(ARGA). This is the second 3-Year Plan published
by the FRC; the first, the 2022-25 Plan, introduced the four faces
regulatory approach:
(a) System Partner
(b) Supervisor
(c) Facilitator
(d) Enforcer
In this briefing we consider the impact of the 23-26 Plan on
the FRC's enforcement strategy and associated deliverables for
the next three years.
FRC enforcement strategy
The 23-26 Plan for the FRC's enforcement division builds on
the 2022-25 Plan, in which the FRC committed to new
responsibilities in relation to the embedding of, and training in,
new enforcement policies to reflect significant revisions to the
Audit Enforcement Procedure and the design and delivery of changes
to support effective implementation of the enforcement aspects of
regulatory reform.
