The Financial Reporting Council (FRC) has announced a major shakeup of its oversight and supervisory functions, ahead of it's replacement by the Audit, Reporting and Governance Authority (ARGA).

To speed up the pace of enforcement investigations,  the audit watchdog will recruit over 100 additional employees and streamline its decision-making processes. This will result in an increase in levies from £41.7 million to £47.2 million. 

The consultation on the plan and budget will run until 28 February 2020.

Sir Jonathan Thompson, the FRC's cheif executive, commented: “The strategy builds a bolder, mo...