- The Government has selected Dame Jayne-Anne Gadhia to chair the Financial Reporting Council.
- If approved, she will replace Sir Jan du Plessis when he steps down in September.
- The appointment comes as the audit watchdog continues investigations into several high-profile corporate cases.
The Government has named former Virgin Money chief executive Dame Jayne-Anne Gadhia as its preferred candidate to lead the Financial Reporting Council (FRC), placing one of Britain's best-known banking executives in line to chair the country's audit watchdog.
The Financial Reporting Council oversees Britain's auditing, accounting and corporate governance standards. If Dame Jayne-Anne's appointment is approved, she will succeed Sir Jan du Plessis, who is due to step down at the end of September.
The appointment was announced by Business and Trade Secretary Peter Kyle, who reportedly said Dame Jayne-Anne was "perfectly placed" to lead the regulator at an important time for both the organisation and the UK economy.
A banker with a long leadership record
Dame Jayne-Anne led Virgin Money from 2007 to 2018, overseeing the lender's acquisition of Northern Rock after it was nationalised during the global financial crisis.
She later spent a brief period leading Salesforce in 2019 before focusing on Snoop, the personal finance app she founded. The business was acquired by specialist bank Vanquis in 2023.
She also holds several non-executive positions, including roles at HM Revenue & Customs, Shakespeare's Globe, the Tate and energy supplier Ovo.
Dame Jayne-Anne reportedly said she was honoured to be chosen to chair the FRC at what she described as an important time for both the regulator and the wider UK economy.
A regulator under the spotlight
The appointment comes as the FRC continues to oversee several high-profile investigations into audit failures.
In recent years, the regulator has investigated EY's audits of collapsed travel company Thomas Cook and KPMG's work on outsourcing giant Carillion. It is also examining PwC's audit of WH Smith following an accounting scandal linked to the retailer's US business.
The leadership change also follows the Government's decision in January to abandon plans to replace the FRC with a new regulator, the Audit, Reporting and Governance Authority, which would have been given wider enforcement powers.
The FRC has said it has significantly reformed under Sir Jan's leadership, becoming a more focused and transparent regulator.
Dame Jayne-Anne's nomination will now be examined by the Business and Trade Committee before her appointment is finalised.
