UK accounting watchdog bolsters supervision with Bank of England hire

UK accounting watchdog bolsters supervision with Bank of England hire
By Reuters
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LONDON (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)

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