Richard Moriarty new CEO of UK’s Financial Reporting Council
Richard Moriarty has been announced as the new Chief Executive Officer (CEO) of the Financial Reporting Council (FRC), taking over from Sir Jon Thompson, who has led the organization since 2019.
The FRC plays a pivotal role in promoting transparency and integrity in business by regulating auditors, accountants, and actuaries, and by establishing the UK’s Corporate Governance and Stewardship Codes. Moriarty will continue the ongoing transformation of the FRC into the Audit, Reporting, and Governance Authority.
Moriarty brings a wealth of leadership experience and regulatory expertise to his new role. He recently concluded his tenure as CEO of the UK’s Civil Aviation Authority (CAA), where his leadership received acclaim for establishing the CAA as an effective and globally recognized regulatory authority.
In response to Moriarty’s appointment, Business Minister Kevin Hollinrake expressed confidence in his ability to uphold business integrity and transparency. Moriarty, in his statement, emphasized the critical role of the FRC in bolstering investor and public confidence in financial reporting and corporate governance in the UK. He expressed a commitment to oversee the FRC’s successful evolution into the new regulatory body and to engage effectively with stakeholders interested in its purpose.
Moriarty’s background encompasses over two decades of experience at board level across various regulated sectors. His roles have included CEO of the Legal Services Board, executive director and deputy chair of the Social Housing Regulator, deputy CEO of a communications regulator, and director of a regulated water company. His expertise spans regulatory and market reform, governance, financial oversight, and competition policy.
As the FRC undergoes this significant transition, Moriarty’s leadership is expected to further advance the organization’s mission of ensuring business integrity and transparency in the UK’s financial landscape.