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The Financial Reporting Council (FRC) has announced the appointment of Richard Moriarty as its new chief executive officer, replacing Jon Thompson who held the position since 2019.
This comes as Moriarty recently stepped down from the board of the UK’s Civil Aviation Authority (CAA) where he served as CEO for five years and deputy CEO for two years.
Under his leadership, the CAA earned positive recognition from independent reviews, both nationally and internationally, as a highly effective and world leading regulatory authority.
Moriarty takes up his new role with more than 20 years of board level experience across a range of regulated sectors. Among his roles he has been CEO of the Legal Services board, an executive director and subsequently deputy chair of the Social Housing Regulator, deputy CEO of a communications regulator, and a director of a regulated water company.
He is currently a non-executive and the senior independent director with a social housing association charity.
The FRC promotes transparency and integrity in business, regulating auditors, accountants and actuaries, and sets the UK’s Corporate Governance and Stewardship Codes.
Moriarty will continue the work started by Sir Thompson to transform the FRC into a new regulator – the Audit, Reporting and Governance Authority (ARGA).
Business Minister Kevin Hollinrake said: “Richard Moriarty is a fantastic appointment to this role. His extensive background in leadership and specialised experience in regulatory and market reform will ensure the FRC continues to ensure business integrity and transparency.
“I’m grateful to Sir Jon Thompson for all his hard work in his time as CEO and wish him the best in his role as chair of HS2.”
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 want the organisation to be ambitious for how effectively it engages with all those who have an interest in its purpose and its place in supporting the UK as a great place for business growth and investment.”
