Sunday 20 March 2016 11:04 pm

The Investment Association: FTSE 100 firms told to scrap quarterly reporting

The investment industry's leading trade body is gearing up to tell Britain's blue-chip companies to scrap quarterly reporting.

The Investment Association (IA) will make the move in an attempt to shift companies' focus towards more longer-term goals, a spokesperson confirmed.

It's one of a string of measures contained in a landmark report which is due to be released next week, the Telegraph first reported.

While some big firms such as Unilever, G4S and Legal & General have all abandoned quarterly reporting, most still update investors with their financial results every three months.

Legal & General previously argued abandoning quarterly reporting would enable it to better communicate business strategies and long-term market dynamics.

This was enabled by a rule change in November 2014 putting an end to mandatory financial reporting every three months.

The IA is due to release its action plan detailing how the investment industry can contribute to UK productivity on Tuesday.

It set to be published at an event in central London that will be opened by the Treasury minister Lord O'Neill.

It follows a letter authored by several IA members to chancellor George Osborne after last year's summer Budget, telling him that they should play a part in solving the UK's productivity puzzle.