This announcement was made by minister Kevin Hollinrake on behalf of the Department of Business and Trade. Mr Moriarty will succeed Sir Jon Thompson, who has transitioned to become the chair of HS2.

Sarah Rapson, interim deputy CEO since February, will cover as acting CEO and accounting officer for the months of August and September, bridging the leadership gap.

Mr Moriarty is no stranger to regulatory bodies, with a 20-year career behind him at various regulatory institutions, most recently serving as CEO of the Civil Aviation Authority. His vast experience in economic regulation, competition, and diverse regulated sectors is expected to prove valuable to the FRC.

Chair of the FRC, Sir Jan du Plessis, said: “I am delighted about Richard’s appointment as CEO of the FRC at such an important time for the organisation. The fact that our appointment process attracted so many high calibre candidates is a tribute to the transformation of the FRC we have seen over recent years, and a recognition of our ongoing responsibility to deliver better regulation that supports growth for corporate Britain.

“With such an experienced appointee as Richard on board, I know that we have found a strong leader for the FRC on the next stage of its journey, and I look forward to working with him to cement the FRC’s position as a more confident, assertive regulator working to the benefit of all of its stakeholders.

“A big thank you to Sarah Rapson who, as interim deputy CEO since February, has provided invaluable support to the FRC during this period of leadership change. The FRC is fortunate to have such a strong executive team.”

Mr Moriarty said: “The FRC has a critical role to play in underpinning investor and public confidence in financial reporting and corporate governance in the UK.

“It is a privilege to be asked to lead the organisation at this important time and oversee its successful transformation into the new Audit, Reporting and Governance Authority.

“I’m very much looking forward to leading the FRC team at such a key time for all of the work in its very broad and important remit. Having undergone such a strong transformation in recent years there is still so much to be achieved in the years to come and I’m excited to get started.”

Mr Hollinrake added: “Richard Moriarty is a fantastic appointment to this role. His extensive background in leadership and specialised experience in regulatory and market reform will ensure the FRC continues to ensure business integrity and transparency.

“I’m grateful to Sir Jon Thompson for all his hard work in his time as CEO and wish him the best in his role as Chair of HS2.”