Key facts
- Dame Jayne-Anne Gadhia is the preferred candidate to chair the Financial Reporting Council (FRC).
- Gadhia previously served as CEO of Virgin Money from 2007 to 2018.
- Her appointment is for a four-year term, succeeding Sir Jan du Plessis.
- The FRC's planned transformation into the Audit, Reporting and Governance Authority (ARGA) was previously scrapped.
- Gadhia holds several other high-profile chairmanships and directorships.
Dame Jayne-Anne Gadhia, the former chief executive of Virgin Money, has been selected as the government's preferred candidate to lead the Financial Reporting Council (FRC), the UK's accountancy regulator. Business and Trade Secretary Peter Kyle announced Gadhia's nomination for a four-year term, which will commence following the departure of the current chair, Sir Jan du Plessis, on September 30.
Du Plessis had been nominated by the previous Conservative government to oversee the FRC's planned transformation into the Audit, Reporting and Governance Authority (ARGA). However, the Labour government scrapped the bill for this move in January, citing concerns about significant new costs for firms.
Gadhia, a chartered accountant by training, led Virgin Money from 2007 to 2018, during which she managed the acquisition of Northern Rock and its subsequent public listing. She is also the founder of the financial app Snoop and currently chairs the digital wealth manager Moneyfarm, in addition to serving as an advisor to SumUp. Her other high-profile roles include chairing energy supplier OVO and Shakespeare’s Globe theatre, and serving as lead non-executive director at HMRC and senior independent director at the Tate.
Gadhia's appointment is subject to final approval, including a pre-appointment scrutiny hearing by the Business and Trade Committee. Richard Moriarty, chief executive of the FRC, expressed confidence in Gadhia's suitability, citing her "exceptional experience" and "deep understanding of what it takes to build and lead institutions that command public trust."