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March 19, 2019

Slew of resignations at the UK’s FRC continues

By Joe Pickard

The UK’s Financial Reporting Council’s (FRC) acting executive director of audit and actuarial regulation Mike Suffield has resigned after less than a year in the role.

He was appointed to the position in July 2018.

This follows the announcement last week that the FRC’s chair Win Bischoff would be stepping down and that deputy chair Gay Huey Evans would also retire from her position at the end of her term on 30 April 2019.

The FRC’s CEO Stephen Haddrill announced in October last year that he would be stepping down, following criticisms the regulator faced in the investigation into the collapse of construction company Carillion in January 2018. The Carillion report branded the FRC as ‘chronically passive’.

Earlier this month the UK government announced that it would act upon the Kingman review which proposed that the FRC should be replaced with the Audit, Reporting and Governance Authority (ARGA).  The government is currently in the process of appointing new leadership at the FRC as it transitions into ARGA.

A spokesperson for the FRC said that Suffield’s resignation is unrelated to the government’s plans to replace the regulator.

Suffield will now take up the position of director of professional insights at the Association of Chartered Certified Accountants (ACCA) in August 2019.

At the ACCA, Suffield will direct a team who create and deliver ACCA’s global research and development programme, alongside ACCA’s global public affairs agenda.

Speaking about his new role, Suffield said: “I’m delighted to be joining ACCA as its new director of professional insights, leading a team of talented specialists whose work moulds global thought leadership, which helps shape and lead the profession. Research and reports help to communicate the tangible benefits of accountancy and business, and provides the much-needed evidence to help ACCA’s public interest remit.”

ACCA’s executive director of strategy and development directorate Alan Hatfield said: “We are thrilled Mike is joining ACCA; he brings a wealth of knowledge and understanding from both the public and private sectors about the profession and how it works on the global stage. Mike also has a keen understanding of the challenges and opportunities ahead for the profession, from regulation to skills – and how it also relates to government and policy making.”

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