UK’s accounting regulator in talks to move out of City of London

The Financial Reporting Council, the U.K.’s accounting watchdog, is in talks to move its headquarters out of the City of London by the end of the year.

The regulator is considering either Canary Wharf or Stratford for its new main office, according to a person familiar with the matter. Discussions between the FRC and the body that oversees government properties are ongoing and a decision will be reached in the coming months, the person said, asking not to be identified discussing internal matters.

A representative for the FRC declined to comment. The Financial Times reported the talks earlier.

The eastern financial district of Canary Wharf has seen a bevy of large banks and law firms, including HSBC Holdings Plc, opt to leave the neighborhood for offices elsewhere as part of a post-pandemic shift in working patterns. Should the FRC choose to relocate there, it could come as good news for commercial developers in the area.

The potential move would also bring the FRC closer to other watchdogs such as the Competition and Markets Authority, which is based in Canary Wharf and the Financial Conduct Authority, which is located in Stratford.

The relocation would also make the Prudential Regulation Authority the only watchdog to remain in the central financial district.