As it publishes its annual report today, the U.K.’s Financial Reporting Council (FRC) reveals it has asked the government for more oversight powers.

The independent regulator’s role is to promote high quality corporate governance and reporting to foster investment. Over the last few years its strategy has been driven by what it sees as the lessons of the global financial crisis. Now, after 25 years of evolution for the U.K.’s Corporate Governance Code set out by Sir Adrian Cadbury, the FRC is ready to concede that further changes are needed to restore public trust in business and intends to do so essentially by putting more teeth into ‘comply or explain.’