Professional services

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and Davina Given

Professional services

FRC outlines 2025 priorities for supporting economic growth

The Financial Reporting Council (FRC) has submitted its annual update to the Business and Trade Secretary, outlining its activities in 2024 and strategic plans for 2025. The report emphasises the FRC's commitment to fostering UK economic growth whilst maintaining high standards in corporate governance, reporting, and audit. Chief Executive Richard Moriarty announced five key priorities, including strengthening investor confidence in UK businesses, reducing unnecessary regulatory burdens, improving market effectiveness, preparing for future innovations, and enhancing professional skills development. The FRC welcomed the government's commitment to audit and governance reform legislation, as mentioned in the King's Speech, viewing this as crucial support for their strategic approach to maintaining the UK's position as an attractive investment destination.

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SRA due to wield unlimited fining powers

The biggest development in solicitors' regulation in 2025 is undoubtedly the SRA's new approach to financial penalties. For the first time in history, the SRA will wield unlimited fining powers, and it proposes to use them in a way which could transform the financial consequences of regulatory breaches.

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Draft three-year strategy published by the FRC

The Financial Reporting Council (FRC) published their draft strategy for 2025-28. The FRC aims to be a modern regulator and to fully embody its role including a plan to evolve its approach towards the supervision of audit firms and review its enforcement procedures. The FRC is also awaiting draft legislation to reform and modernise its powers as outlined in the King's Speech in July 2024.

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Important changes to note in accountant ethics code update

March 2025 will see the Institute of Chartered Accounts in England and Wales (ICAEW) introduce updates to its Code of Ethics to reflect recent changes from the International Ethics Standards Board for Accountants (IESBA). In our recent article, we analyse how the changes could affect claims in the professional indemnity space and address potential challenges for firms and insurers.

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