He will take on a new role as chief executive of the Financial Reporting Council (FRC), after joing HMRC in April 2016. He led the organisation through a period of change and significant performance improvements, including a successive “record-breaking” increases in the collection of tax revenues due and compliance revenues and an overall recovery in customer service levels.
Thompson will, along with the other new members of the FRC leadership team, take the organisation through its transformation to the Audit, Reporting and Governance Authority.
This new enhanced regulator was announced by business secretary Greg Clark in response to the comprehensive Independent Review led by John Kingman. The regulator will have a new mandate and stronger powers set down in law.
Thompson said: “It’s been a tremendous privilege to lead HMRC for more than three years, so to leave now has not been an easy decision for me to make. However, to have the opportunity to lead the Financial Reporting Council, as it turns into the Audit, Governance and Reporting Authority, and to promote public trust in doing business in the UK, at a point when we’re about to forge new alliances across the world, is too exciting to turn down.
“I’m immensely proud to have led HMRC as we delivered year-on-year increases in the collection of revenues due for public services; prepared for Brexit and the challenges it will bring; and oversaw a recovery in customer service levels making dealing with their tax affairs easier for everyone.”