UK Audit Watchdog Wants More Cash, Slams Market Reform Delays

The UK’s accounting watchdog on Friday called for a big increase in funding and staffing, as it gears up for the formation of a new regulator.

The Financial Reporting Council published its draft three year plan, covering 2023-26, which is open for consultation until Jan. 27, 2023. Under the plans, funding would increase by 13.5% to £67.9 million ($83 million) over the period, with staffing up 9.7% by March 2024.

• FRC CEO Jon Thompson criticized the “continued delay” in creating a new regulator.
• The government’s failure to set any timetable for audit reform legislation means that the ...