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Aug 02, 2023

UK regulator the Financial Reporting Council appoints Richard Moriarty as CEO

Moriarty succeeds Sir Jon Thompson, who steps down to become chair of HS2

The Financial Reporting Council (FRC) has appointed Richard Moriarty as its new CEO, effective October 2023.

Moriarty succeeds Sir Jon Thompson who has held the role since 2019. Sir Jon steps down after being appointed chair of HS2, a controversial high-speed rail line being built from London to the north west of England.

In the meantime, Sarah Rapson, deputy chief executive and executive director of supervision at the council, will hold the interim role of CEO and accounting officer in August and September until Moriarty steps in.

UK regulator Financial Reporting Council appoints Richard Moriarty as CEO
Richard Moriarty, FRC

The FRC regulates auditors, accountants and actuaries across the UK while promoting transparency and best practice in corporate governance.

‘The FRC has a critical role to play in underpinning investor and public confidence in financial reporting and corporate governance in the UK,’ Moriarty says in a statement. ‘It is a privilege to be asked to lead the organization at this important time and oversee its successful transformation into the new audit, reporting and governance authority.’

High-caliber candidate

Moriarty joins the FRC with 20 years’ experience across various regulatory bodies, most recently as CEO of the Civil Aviation Authority.

He says: ‘I’m very much looking forward to leading the FRC team at such a key time for all 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.’

Sir Jan du Plessis, chair of the FRC, says he is delighted about Moriarty’s appointment, which comes at ‘such an important time’ for the organization. ‘The fact that our appointment process attracted so many high-caliber 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,’ he says. 

‘With such an experienced appointee as Richard on board, I know 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.’