Question to the Department for Business and Trade:

To ask His Majesty's Government when they plan to introduce legislation to replace the Financial Reporting Council with the Audit, Reporting and Governance Authority and to place that body on a statutory footing.

The government recognises the importance of having an effective and proportionate regulator of the audit sector and the significance of having a regulator that has the right legislative set-up to do the job. At present, the Financial Reporting Council (FRC) will not transition to become the Audit Reporting and Governance Authority (ARGA). The name of the regulator is less important than its effectiveness. The FRC has already undergone a substantial transformation since 2018, and we intend to put it on a proper statutory footing as soon as there is availability within the parliamentary schedule.