FRC launches search for new conduct committee chair

THE CHAIR of the accountancy regulator’s disciplinary arm is to step down at the end of the year, according to a job description posted on the Financial Reporting Council’s website.

The reporting watchdog is looking for a successor to Richard Fleck, who has chaired the FRC’s conduct committee since it replaced the various operating bodies charged with supervision and misconduct as part of a radical overhaul of the FRC’s structure last summer.

Fleck is the latest high-profile member to step down from the board – his tenure expires at the end of 2013 – after Baroness Hogg announced she would step down as chairman once a successor has been found. Hogg’s three year term formally ended in April, but she has remained on while the Department for Business Innovation and Skills finds a replacement.

For more than 20 years, Fleck has been a prominent figure in the profession having qualified as a lawyer with Herbert Smith, where he was an adviser to the likes of PwC, KPMG and Andersen in the 1990s. He later founded the former Auditing Practices Board and was chairman between 2003 and 2012.

As chair of the FRC’s conduct committee, Fleck oversaw the introduction of new disciplinary arrangements which include changes to the way sanctions are calculated and the ability for the FRC to resolve disciplinary cases without the need for a tribunal hearing.

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