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May 20, 2020

UK’s FRC chair to step down fearing conflict of responsibilities

By Joe Pickard

UK Financial Reporting Council (FRC) chair Simon Dingemans has stepped down a mere seven months after taking up the role.

The chair of the FRC is a part-time position and it was agreed as part of his appointment process that Dingemans could take on additional roles provided they did not conflict with his responsibilities at the FRC. The regulator said this has not proved possible.

Dingemens has informed the board and the secretary of state down from the FRC at the end of May. The FRC said it is expected that he will ‘return to a more full-time role in the private sector’.

The Department for Business, Energy & Industrial Strategy (BEIS) will take forward the appointment of a new FRC chair.

Dingemens took up the position of chair of the regulator at the start of October last year to help it transition into the Audit, Reporting and Governance Authority (ARGA). This was established in the Kingman review following a tirade of criticism directed at the FRC due to their handling of the audit firms which were involved with some of highest-profile business collapses in recent British history.

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