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 executive of the Civil Aviation Authority for five years, 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 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,” he continued.
Business minister Kevin Hollinrake said Moriarty was 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,” Hollinrake continued.
Moriarty’s appointment 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.
“I’m very much looking forward to leading the FRC team at such a key time for all of the work in its very broad and important remit,” Moriarty said.