Minister Kevin Hollinrake MP, on behalf of the Department of Business and Trade, announced the appointment of Richard Moriarty as CEO of the Financial Reporting Council (FRC) on 31 July 2023, succeeding Sir 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. Richard 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.
AIA Chief Executive Philip Turnbull wrote to Richard welcoming him to his new role and to highlight the importance of ensuring audit reform is implemented swiftly.
Delay in reform of the UK’s governance and audit frameworks has introduced significant uncertainty to the transformation of the FRC to the Auditing, Reporting and Governance Authority (ARGA). AIA continues to believe strongly in the benefits of independent and transparent regulation and we look forward to working with you and your team to successfully deliver on audit reform.
