The UK government has chosen a prominent business leader to chair the Financial Reporting Council, the watchdog that oversees the auditors and accountants used by every business in the country.
Dame Jayne-Anne Gadhia, a chartered accountant with a long history of driving growth and championing high standards, has been named as the preferred candidate to succeed Sir Jan du Plessis when he steps down on 30 September.
The appointment matters for business owners because the FRC sets the standards behind company accounts and audits, the numbers on which lenders, investors, and trading partners decide whether to back a business.
The FRC has shown its teeth in recent years, imposing a record £48 million in fines on audit firms over failures at Carillion and London Capital & Finance.
Dame Jayne-Anne arrives with a unique blend of experience, having led Virgin Money from 2007 to 2018 and steering the acquisition of Northern Rock and the listing of the combined business.
Since then, she has worked as a founder and dealmaker in fintech, giving her a rare first-hand understanding of what regulation feels like from the smaller end of the market.
She currently chairs several high-profile organisations, including Moneyfarm, OVO, and Shakespeare's Globe, and serves on the boards of PRA Group and Innovo Group, among others.
The Business Secretary, Peter Kyle, said that Dame Jayne-Anne has a proven track record in driving growth and championing high standards, and is perfectly placed to lead the FRC at this important time.
Dame Jayne-Anne said that she is honoured to be appointed chair of the FRC, and looks forward to working with the team to build on the progress made in recent years to raise standards and modernise regulation.
She inherits a regulator that has worked to reposition itself as more focused, transparent, and proportionate under Sir Jan, a shift that smaller firms will hope continues at a time when 96 per cent of businesses say regulators are creating unnecessary problems in their industries.
The FRC's chief executive, Richard Moriarty, said that he is delighted with Dame Jayne-Anne's appointment and looks forward to working with her to support the UK economy.
The nomination follows an open competition for the post, and the Business and Trade Committee will hold a pre-appointment scrutiny hearing before the Secretary of State confirms the appointment.
