The U.K. government is planning to create a new super-regulator to set and enforce financial reporting rules, corporate governance standards, and securities regulations for listed companies.

This work is currently shared between the Financial Reporting Council and the Financial Services Authority. But the government has already announced a commitment to scrap the FSA; now it looks as though the FRC’s days are numbered too.

The proposal was revealed in a government consultation document issued this week titled “A new approach to financial regulation: judgment, focus and stability.”

The paper argued: “There is a strong case for a powerful companies regulator established with responsibilities for regulating corporate governance, corporate information and its disclosure, and the stewardship of companies by institutional shareholders.”

The government has not yet decided whether the new regulator would form part of the Consumer Protection and Markets Authority, which will be created from the wreckage of a dismantled FSA with a brief to supervise financial marker behavior, or whether it would sit within the government department responsible for business. The consultation document said more detailed proposals would be released “in due course.”

The FRC said the proposal was a “vote of confidence” in its approach to regulation.