FRC chief leaves to join HS2

CEO of the Financial Reporting Council (FRC) Sir Jon Thompson has resigned from his position to become chair of HS2.

He will leave at the end of his six months’ notice period and during this period will be serving as CEO on a part-time basis.

Sarah Rapson has been appointed on an interim basis as deputy CEO to support Thompson, the board and exco during this period.

Thompson has been CEO at the regulator since 2019, and under his leadership the FRC has become a “modern, fit for purpose regulator”.

The news comes as the government pushes on with plans to replace the FRC with a new, more powerful regulator called the Audit, Reporting, and Governance Authority (ARGA).

Sir Jan du Plessis, FRC chair, said: “While I am disappointed Jon is leaving us, I have enjoyed working with him and look forward to his continued leadership of the organisation over the next six months.

“The FRC’s new CEO will inherit a strong organisation ready for its next chapter. We are grateful for Jon’s leadership, and I look forward to working with him through his notice period.”

He added: “This remains an important stage in the development of the FRC and its capabilities as an impactful and influential regulator supporting Britain’s place as a trusted, global financial centre.

“There is still more to do to ensure that recent momentum is maintained to deliver the full transformation to ARGA, including the passing of the requisite legislation. I look forward to working with the Department of Business and Trade, who will immediately start the recruitment process for the FRC’s next CEO.”