FRC begins hunt for new boss as audit body advertises role with £330k salary (and to be able to work from both London and Birmingham)

The boss of Britain’s audit regulator, the Financial Reporting Council (FRC) will need “credibility, integrity and capability” to enact “organisation change”; they can also expect to be paid £330k plus benefits for doing so.

An advert for the next chief executive of the FRC, which will soon become ARGA confirms previous City A.M . reports that the boss of the audit regulator will be largely based in Birmingham.

Birmingham is the UK’s second largest city and is an hour and a half train journey from the headquarters of most of the country’s largest auditors, which are based around Canada and London’s West End.

The FRC advert said it would expect the candidate to be leader of the “highest calibre” as it transforms into ARGA, the government appointed replacement to succeed the audit watchdog. 

A job spec posted by the body said the new chief will also join at the “most exciting” and “challenging” time for the group. 

“We continue our journey towards becoming a strong, impactful and fit-for-purpose regulator, which in turn provides increased confidence in the UK market,” the spec read, with applications closing on 5 June. 

It is understood the new auditing regulator’s CEO will initially be recruited to work at the London office but will move to Birmingham, where the audit watchdog will be opening up a second site. 

FRC’s decision to shift some of its operations to Birmingham has been a talking point for much of the sector as it would mean the vast majority of the nation’s biggest audit, accountancy and professional services would no longer be in easy reach of the FRC’s current offices. 

The successor will replace Sir Jon Thompson’ who exited the role in February, to head up operations at the HS2 project .

FRC move to Birmingham ‘risked backlash’

When it was revealed that ministers had chosen Birmingham as the home of the FRC’s successor there were warnings that it would risk an internal backlash at the supervisory body it was set to replace.

City PM understood the plans had angered staff at the FRC who had been told that a second office would be opening but had not been made aware that any staff might be forced to relocate.