More Problems for UK Audit Reform as Watchdog CEO Thompson Quits

The head of the Financial Reporting Council has resigned, throwing the UK’s accounting watchdog into greater chaos as it waits on government legislation to create a more powerful regulator.

Jon Thompson, who became council CEO in 2019, was announced Thursday as the new chair of HS2, a project to build a high-speed rail link from London to northern UK cities such as Manchester. Thompson will continue to work part-time at the council for six months.

“Under his leadership the FRC has become the modern, fit for purpose regulator Sir John Kingman envisaged, ready for its new powers and responsibilities when ...