UK audit watchdog picks former aviation regulator as new chief

CHRIS DORRELL

RICHARD MORIARTY has been appointed chief executive of the audit regulator, the Financial Reporting Council (FRC), as it undergoes major reforms.

Moriarty, who most recently served as chief of the Civil Aviation Authority, will take up his role at the beginning of October. Sarah

Rapson will take the role of acting chief executive until then.

Moriarty has served for over 20 years across a range of regulated sectors, including as chief executive of the Legal Services Board and deputy chair of the Social Housing Regulator.

He succeeds Sir Jon Thompson, who stepped down to become chair of HS2 having joined the FRC in 2019.

Moriarty said: “The FRC has a critical role to play in underpinning investor and public confidence in financial reporting and corporate governance.” Moriarty’s appointment comes as ministers push forward with plans to replace the FRC with a new, more powerful regulator called the Audit, Reporting, and Governance Authority, The overhaul comes as part of a wider package of reforms aimed at revamping the UK’s audit sector.