The head of the UK’s audit watchdog, Jon Thompson, is set to step down to take up a new position as the chair of HS2.
Thompson has handed in his notice to leave his job as head of the Financial Reporting Council (FRC) and will now serve out his six-month notice period, Sky News first reported.
The FRC chief is expected to be named as the new chairman of the HS2 high-speed rail link later today after being tipped to head the infrastructure project last May, according to reports.
Whitehall officials are now expected to begin looking for a successor to replace Thompson, who previously ran HMRC.
Thompson’s exit comes as the UK government pushes forwards with plans to replace the FRC with a new, more powerful regulator called the Audit, Reporting, and Governance Authority (ARGA).
The overhaul comes as part of a wider package of reforms aimed at revamping the UK’s audit sector in the wake of a series of high-profile accounting scandals involving firms including BHS and Carillion.
The FRC declined to comment.