Business community levy 'raised' by FRC

News Article - 22 May 2012
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Businesses are to be charged more during 2008-09 for the Financial Reporting Council's (FRC's) work in promoting confidence in governance and management reporting.

Companies listed on markets other than the main London Stock Exchange are to be included in the business community levy for the first time, with small firms charged £920 and larger companies up to £22,550.

Paul Boyle, chief executive of the council, stated: "We believe that it is right to include UK companies quoted on Aim and Plus markets within the scope of our business levy. They derive significant benefits from our work and should therefore contribute to our costs."

During 2008-09 the funding the FRC receives from the business community is set to rise from £3.3 million to £4.2 million, alongside the finance it receives from the accounting profession and the government.

The FRC claims to have been established in order to set standards for accountants and auditors and operate independent investigations into public interest cases.

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