The Government announced on 14 October that the FRC will be retained and substantively reformed with its future reliance on Government funding removed.

In response to the decision Chief Executive Stephen Haddrill said: “The FRC is committed to the principles of accountability, transparency and value for money identifi ed by the Government in the Public Bodies Review. We believe today’s decision will help to reinforce the FRC’s independence as a regulator, undertaking our functions in a politically impartial way in the public interest.”