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Cost-effectiveness feedback

31 Dec 08

The Financial Reporting Council has published a statement summarising the responses to its discussion paper Cost-Effectiveness of FRC Regulation and giving its feedback

The discussion paper highlighted a range of actions by the FRC to reduce the costs

to market participants of the regulation for which it is responsible. It invited stakeholders to comment on further opportunities to reduce regulatory costs while preserving confidence in corporate reporting and governance.

 

The main focus of the discussion paper was on cutting costs associated with FRC regulation rather than on internal costs.

The FRC has addressed some of the key issues raised. It has:

• Implemented an updated policy for publishing consultation responses on its website;

• Published an overview of all current consultations on the website; and

• Provided additional training for FRC staff on best practice in preparing impact assessments.

The responses to the consultation have helped the FRC to further develop its planning process. In particular:

• It will align its strategic framework more closely with the Better Regulation Executive principles of good regulation.

• It will be extending its risk assessment and planning horizon to cover a three-year period to focus on the longer-term, bigger issues and increase the transparency and predictability of its planning process.

The FRC will keep under review the implementation of the actions it has taken, or is planning to take, to improve the cost-effectiveness of FRC regulation.

Page No: 64

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