Prem Sikka has been in action, again, this time in Accountancy age. He has noted that:

The FRC's lack of vision is also evident on corporate governance issues. Its recent press release claimed that the combined code 'is working reasonably well and there is no need for major changes at present'.

But, as he notes:

Earlier in the year, Grant Thornton reported that 66% of the FTSE 350 companies were not fully compliant with the code.

And he asks:

Prosecutions and fines have raised questions about the quality of corporate earnings, governance and accounting disclosures. Yet the FRC can't spot any problems. The FRC is too close to corporate interests to provide effective independent regulation or meaningful thought leadership. How long before the politicians realise this too?

Quite right. The politicians should be shouting.

The FRC won't. They're a bunch of 'yes men' insiders.