New audit regulator to base senior roles in Birmingham

The UK’s new audit regulator is set to locate its CEO and other senior roles, at a new Birmingham office.

The new regulator, Auditing, Reporting and Governance Authority (ARGA) will replace the Financial Reporting Council (FRC) in an effort to reform how UK corporate governance and accountancy are overseen.

City A.M. has reported that the Birmingham office will be located no further than ten minutes from Birmingham New Street and aims to be operational by the second half of this year.

It also says that staff, who are based in the current London Wall headquarters, are not expected to move to Birmingham. A package, however, is in place offering £11,000 in financial support and the option for train travel to be paid.

Bosses plan to have around 170 staff in place by 2026, and 600 based in Birmingham by 2029, creating a 50/50 balance between Birmingham and London.

Andy Street, Mayor of the West Midlands, criticised London’s media as City A.M. said: “The move will raise eyebrows, with the vast majority of the nation’s biggest audit, accountancy and professional services firms based in London, within easy reach of the FRC’s current offices”. 

Street said on Twitter: “A fantastic addition to our already world-class professional services sector

“Shame London media suggest it’s bad news, apparently business doesn’t exist elsewhere”.

The FRC has been contacted for comment.