Minister Kevin Hollinrake, on behalf of the Department of Business and Trade has announced the appointment of Richard Moriarty as CEO of the Financial Reporting Council (FRC), succeeding Jon Thompson who has stepped down after being appointed as chair of HS2.    

Moriarty will commence his role at the beginning of October, with Sarah Rapson taking the role of acting CEO and accounting officer during August and September.

Moriarty joins the FRC following a 20 year career at various regulatory bodies, most recently as CEO of the Civil Aviation Authority. He has extensive experience of the regulatory landscape across a wide range of regulated sectors as well as of economic regulation and competition.

Commenting on this, FRC chair, Jan du Plessis, said: “I am delighted about Richard’s appointment as CEO of the FRC at such an important time for the organisation. The fact that our appointment process attracted so many high calibre candidates is a tribute to the transformation of the FRC we have seen over recent years, and a recognition of our ongoing responsibility to deliver better regulation that supports growth for corporate Britain. 

“With such an experienced appointee as Richard on board, I know that we have found a strong leader for the FRC on the next stage of its journey, and I look forward to working with him to cement the FRC’s position as a more confident, assertive regulator working to the benefit of all of its stakeholders.

“A big thank you to Sarah Rapson who, as Interim Deputy CEO since February, has provided invaluable support to the FRC during this period of leadership change. The FRC is fortunate to have such a strong executive team.”

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Commenting on this appointment, Moriarty added: “The FRC has a critical role to play in underpinning investor and public confidence in financial reporting and corporate governance in the UK. It is a privilege to be asked to lead the organisation at this important time and oversee its successful transformation into the new Audit, Reporting and Governance Authority. 

“I’m very much looking forward to leading the FRC team at such a key time for all of the work in its very broad and important remit. Having undergone such a strong transformation in recent years there is still so much to be achieved in the years to come and I’m excited to get started.”