Mergers & Acquisitions

UK accounting watchdog bolsters supervision with Bank of England hire

Britain's accounting watchdog said on Friday it has appointed David Rule as executive director of supervision, adding heft from his experience at the Bank of England to a battered regulator that is being replaced by a new authority.

Adds more detail

LONDON, May 24 (Reuters) - Britain's accounting watchdog said on Friday it has appointed David Rule as executive director of supervision, adding heft from his experience at the Bank of England to a battered regulator that is being replaced by a new authority.

Rule will join the Financial Reporting Council (FRC) in September on secondment from the Bank, where he is head of insurance supervision.

In a newly-created role, Rule will head the watchdog's audit quality and corporate reporting review functions, and sit on the executive committee.

A government-commissioned report has recommended scrapping the FRC after company collapses at retailer BHS and construction company Carillion raised questions about auditors and the effectiveness of their regulator.

Lawmakers have described the FRC as timid and too cosy with the big accounting firms it regulates.

Rule will help the FRC transition into the new, more powerful Audit, Reporting and Governance Authority (ARGA). A new chair and chief executive for ARGA are due to be appointed by the end of the year.

"I am delighted to welcome David to the FRC. He brings substantial experience and understanding of financial markets that will be invaluable to the FRC as we transition towards a new statutory regulator," said Stephen Haddrill, the FRC's outgoing chief executive.

(Reporting by Huw Jones Editing by Carolyn Cohn/Keith Weir)

((huw.jones@thomsonreuters.com; +44 207 542 3326; Reuters Messaging: huw.jones.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More