The ongoing evolution of a UK financial regulator

The UK Government has recently announced a wide-ranging consultation in a white paper, Restoring Trust in Audit and Corporate Governance, which proposes legislative changes that would affect companies, auditors and the city regulator, the Financial Reporting Council (FRC), in one fell blow (WAR, April 2021). With a focus on its role in relation to audit firms, this article considers how the UK FRC is already adapting itself to the changes ahead, and to what extent the government’s proposals will require it to change still further.