PRESS RELEASE : Richard Moriarty announced as new CEO of Financial Reporting Council [July 2023]

Richard Moriarty has today (31 July 2023) been announced as the CEO of the Financial Reporting Council (FRC). He replaces Sir Jon Thompson, who has led the FRC since 2019.

The Financial Reporting Council (FRC) promotes transparency and integrity in business. It regulates auditors, accountants and actuaries, and sets the UK’s Corporate Governance and Stewardship Codes. Richard will continue the work started by Sir Jon to transform the FRC into a new regulator – the Audit, Reporting and Governance Authority.

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.

Richard Moriarty said:

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.

Biography

Richard recently stepped down from the Board of the UK’s Civil Aviation Authority 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.

He has over 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.

Richard has specialised in regulatory and market reform, governance and financial oversight, professional services regulation, safety cultures, economic regulation, and competition policy.  He has undergraduate and postgraduate degrees in economics, and later obtained an MBA from the University of Warwick Business School.