Dame Jayne-Anne Gadhia, the former chief executive of Virgin Money, has been selected by the Government as the preferred candidate to chair the Financial Reporting Council (FRC), the UK's auditing and accountancy regulator. Business and Trade Secretary Peter Kyle announced the appointment, which is subject to confirmation.
Background and Experience
Dame Jayne-Anne led Virgin Money from 2007 to 2018, overseeing the acquisition of Northern Rock after its nationalisation during the financial crisis. She briefly served as head of Salesforce in 2019 before stepping down to focus on Snoop, a budgeting app she founded, which was sold to specialist bank Vanquis in 2023. She also holds non-executive roles at HM Revenue & Customs, Shakespeare's Globe, the Tate, and energy supplier Ovo.
Reaction and Significance
Mr Kyle stated that Dame Jayne-Anne is "perfectly placed to lead the FRC at this important time" and expressed eagerness to work with her to boost confidence in British businesses. Dame Jayne-Anne said she was "honoured to be appointed chair of the FRC at such an important time for the organisation and for the UK economy."
Recent FRC Investigations
The FRC has conducted major investigations, including into EY's auditing of collapsed travel agent Thomas Cook and KPMG's auditing of failed outsourcing firm Carillion. It is currently probing PwC over its auditing of WH Smith following an accounting scandal in the retailer's US division.
Regulatory Context
The appointment comes after the Government abandoned plans in January to establish a new regulator, the Audit, Reporting and Governance Authority, which would have replaced the FRC with greater powers. The FRC says it has transformed significantly under outgoing chair Sir Jan du Plessis, becoming more focused, transparent, and proportionate.
Dame Jayne-Anne's appointment will be scrutinised at a Business and Trade Committee session on Tuesday.
