Understanding citizens' views on the work of the Financial Reporting Council

Description

Financial Reporting Council (FRC) Research Project: Understanding citizens' views on the work of the Financial Reporting Council: including audit, corporate governance and reporting Summary The FRC has a good and continuously developing record of engaging stakeholders through, for example, round table discussions and consulting widely on changes in regulations and guidance. The stakeholders who engage with the FRC tend to be from the professions the FRC regulates - audit, accountancy and actuarial work - plus their representative bodies, and those who rely on the information they produce - investors, pension fund trustees, company directors etc. The FRC would like to better understand what is most important to a wider public in the conduct of its mission to promote transparency and integrity in business (for further detail visit the FRC website), and therefore for the development of its strategy. This research involves direct engagement with members of the public who, as investors in shares, on their own account or in ISAs or pensions, or as customers or employees of businesses, do not tend to engage with the necessarily technical consultations on proposed and actual changes to regulations and guidance. The customer for the work is the FRC. The FRC expects that research methods such as a citizens' jury, citizens' assembly, focus groups or surveys would be used, singly or in combination and to allow for: • the provision of information as a pre-cursor to successful discussions and outputs, to engage the general public as opposed to expert practitioners, • the exploration of any tensions arising between their views in different stakeholder roles - for example as investors, savers, consumers and employees - and with businesses and wider society • the relative importance of elements of the FRC's work and views on how it achieves its mission. The FRC would welcome proposals with recommended options and/or alternative approaches as options, with associated benefits and costs. Depending on the approach recommended, the project is expected to take place over a period of months, starting as soon as possible in 2019. Budget The budget for this project, including expenses and any respondent incentives, is up to £90,000 excluding VAT. A detailed breakdown of costs is required. Evaluation criteria The project proposal will be evaluated against the following criteria: 1. Evidence of understanding the brief 2. Suitability of proposed methodology 3. Experience undertaking similar projects 4. Cost Closing date for tenders 5pm, 10 January 2019. Please submit to h.grimshaw@frc.org.uk