Ex-Virgin Money Chief Tapped for Audit Watchdog

Dame Jayne-Anne Gadhia, a prominent businesswoman and former head of Virgin Money, has been named the Government's preferred candidate to chair the Financial Reporting Council (FRC). The Business and Trade Secretary, Peter Kyle, made the announcement, highlighting Gadhia's suitability for the role. If confirmed, she will succeed Sir Jan du Plessis, whose term concludes at the end of September. Gadhia's leadership experience includes her tenure as CEO of Virgin Money from 2007 to 2018, during which she managed the acquisition of Northern Rock. She also had a brief stint at Salesforce and co-founded the budgeting app Snoop. She currently holds several non-executive positions, including roles with HM Revenue & Customs, Shakespeare's Globe, the Tate, and Ovo Energy. Minister Kyle expressed confidence in Gadhia's ability to enhance confidence in British businesses. The FRC has been actively investigating significant audit failures, including those related to collapsed firms like Thomas Cook and Carillion, and is presently examining PwC's auditing practices for WH Smith. The government's decision to retain and strengthen the FRC, rather than establishing a new regulator, underscores the FRC's perceived transformation under its outgoing chair. Dame Jayne-Anne's appointment is slated for review by the Business and Trade Committee.