To ask the Secretary of State for Business, Energy and Industrial Strategy, what estimate he has made of the cost to the public purse of the independent review of the Financial Reporting Council.
3 July 2018
Sir John Kingman asked not to receive a fee for his role undertaking the independent Review of the Financial Reporting Council. Members of the Review’s Advisory Group are also not remunerated for their involvement.
The Review’s Secretariat is currently made up of 5.2 full time equivalent civil servants (receiving public sector pay) with the view that this will increase to 6.2 once a vacancy has been filled. The Secretariat also includes one secondee whose salary is met by Legal & General. It is estimated that the costs of the Review will amount to approximately £210,000. This includes forecasted staff costs for the Secretariat, printing and travel and subsistence.