The Financial Reporting Council (FRC), the Pensions Ombudsman and the Pensions Protection Fund Ombudsman will all face radical reform under government plans to overhaul the nation's quangos.
The Pensions Ombudsman, which rules on complaints about the way pension schemes are run, will be merged with the Pension Protection Fund Ombudsman, established to review decisions made by the Board of the Pension Protection Fund (PPF).
Together they will form a single tribunal non-departmental public body (NDPB).
The FRC, the independent regulator responsible for promoting standards in corporate governance and reporting, will remain, but its reliance on government funding will be removed and it will be "substantially" reformed.
Meanwhile, The Pensions Advisory Service (TPAS), one of the bodies potentially facing the axe, will also be saved.
In total 192 public bodies will be scrapped or brought under ministerial or local government control, Cabinet Office minister Francis Maude announced today, in what is being called a "bonfire of the quangos" - quasi-autonomous non-governmental organisations.
But reports suggest in several cases the liabilities of scrapping the bodies from pensions, redundancies and rental contracts could run to billions of pounds, and will outweigh any of the savings being claimed for up to 10 years.
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