The UK’s Financial Reporting Council (FRC) new leadership team of Simon Dingemans and Jon Thompson have taken up their respective roles as chair and chief executive.

They join as the FRC is making progress to transition into the new regulator, the Audit, Reporting and Governance Authority (ARGA), following the recommendations of the Kingman Review.

Dingemans was previously CFO of GlaxoSmithKline and Thompson was previously the chief executive of HMRC. They replace Win Bischoff who steps down as chair after six years and Stephen Haddrill who steps down as chief executive after nine years leading the FRC.

Dingemans said: “I am delighted to be joining the FRC at this critical juncture as we prepare to establish the ARGA with a clear mandate to be a very different and more effective regulator.

 “The UK is rightly considered one of the world’s pre-eminent financial centres and the FRC and its successor, the ARGA, has a key role to play in setting and upholding high standards for audit, reporting, governance and stewardship in order to protect the interests of investors and other end-users of financial information.”

Thompson said: “I am pleased to be joining the FRC as it begins the transition to a new regulator with stronger powers to hold companies, their directors, advisers and shareholders to account.

“I am also committed to building on the governance and stewardship standards the FRC has helped to champion to ensure businesses reflect modern-day society, are diverse and inclusive, and are maximising the future pipeline of talent.”