The Financial Reporting Council is set to gain greater control over auditors with a register that will determine who can audit the financial statements of large listed companies or financial institutions — so-called public-interest entities — and who cannot.

The country’s audit and accounting regulator is requiring audit firms and certain key individuals currently auditing these entities to apply to be included in a newly created index. If a firm or individual is found not to be “fit and proper”, they will not be admitted to the PIE register or will be removed from it, according to the regulator.