Financial Reporting Council

Department for Business, Energy and Industrial Strategy written question – answered on 9th March 2018.

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Photo of Baroness Bowles of Berkhamsted Baroness Bowles of Berkhamsted Liberal Democrat

To ask Her Majesty's Government, further to the Written Answer by Lord Henley on 20 February 2018 (HL5469) and to the statement by the Minister for Trade on 29 March 2007 (Col 137WS), whether the Minister for Trade was informed of the intentions of the Financial Reporting Council (FRC) regarding its classification when making that statement; if not, why not; and when were ministers informed, if at all, that the FRC’s attempts to seek reclassification had been unsuccessful.

Photo of Lord Henley Lord Henley Parliamentary Under-Secretary (Department for Business, Energy and Industrial Strategy)

The ministerial statement on 29th March 2007 set out the changes to the Financial Reporting Council’s (FRC) governance. These were part of a process at the time aimed at securing the increased independence of the FRC from Government and its reclassification so that it was no longer a public body.

It is an established convention that Minsters of one administration cannot see the documents of a previous administration. I am therefore unable to provide the information requested by the noble Baroness.

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