FRC announce HMRC CEO Jon Thompson as replacement for Haddrill

FRC announce HMRC CEO Jon Thompson as replacement for Haddrill

HMRC CEO Sir Jon Thompson will replace Stephen Haddrill as chief executive of the FRC as it transitions into the new regulator, ARGA

FRC announce HMRC CEO Jon Thompson as replacement for Haddrill

The CEO of HMRC, Sir Jon Thompson will become chief executive of the Financial Reporting Council (FRC) and then of the Audit, Reporting and Governance Authority (ARGA) once the new regulator is put in place.

The move will take place in the autumn, with Thompson replacing Stephen Haddrill who has been chief executive of the FRC since 2009.

Thompson said that the decision to quit had been a tough one. ““However, to have the opportunity to lead the Financial Reporting council as it turns into the ARGA, and to promote public trust in doing business in the UK at a point when we’re about to forge new alliances across the world, is too exciting to turn down.”

Thompson bring impressive experience from his time at HMRC, overseeing the rollout of MTD, record-breaking increases in tax collection revenues and narrowing the tax gap in his three years as CEO.

Sir Mark Sedwill, Cabinet Secretary and head of the Civil Service described Thompson as an “exceptional leader” and thanked him for his “enormous contribution” to HMRC.

“Particular credit goes to Jon’s work to diversify the workforce: appointing a diverse and gender balanced executive committee, and opening HMRC’s first regional centre, with two more due this year,” he added.

Indeed, the reception to his appointment has been positive, with the ICAEW’s outgoing President Michael Izza describing him as an “excellent choice”.

“I very much welcome the appointment of Sir Jon Thompson as chief executive of the Financial Reporting Council and, in due course, its successor, the Audit, Reporting and Governance Authority. He is an excellent choice and I have no doubt he will deliver on the vision of Sir John Kingman’s Review for a strong and credible new regulator,” Izza said.

“Together with the recent announcement of Simon Dingemans as the preferred candidate to be FRC Chair and the launch yesterday of the public consultation on the Competition and Market Authority’s recommendations on choice and resilience in the statutory audit market, the government is now demonstrating real momentum in getting the process of reform under way,” he added.

Grant Thornton were similarly pleased with the appointment, adding: “During his time at HMRC, he’s demonstrated his ability to work with a variety stakeholders across a diverse spectrum of issues to deliver positive outcomes in everyone’s best interest and truly made a material, positive impact on the public purse. We wish him the best in his new role and look forward to working with him towards the common goal of instilling trust and integrity in the audit industry.”

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