Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government why the Memorandum of Understanding between the Financial Reporting Council and the Department for Business, Innovation and Skills dated July 2010 describes the Financial Reporting Council as a private body.

The Memorandum of Understanding between the Department for Business, Innovation and Skills and the Financial Reporting Council will need to be reviewed and updated in due course. The memorandum was signed before the Office of National Statistics’ confirmation in 2014 that the Financial Reporting Council is a public body and was based on the expectations at that time. The Department for Business, Energy and Industrial Strategy confirmed last year that it expected the Financial Reporting Council to remain a public body.

The reference to the Financial Reporting Council being a private body does not affect the operation of the Memorandum.