They join the FRC Board at a time of significant growth and transformation as the FRC transitions into the Audit, Reporting and Governance Authority (ARGA).

Appointments to the FRC Board are made by the Department for Business, Energy and Industrial Strategy (BEIS).

Hannah Nixon has extensive experience in economic regulation across a range of industries. She was the inaugural CEO of the Payment Systems Regulator, the economic regulator of the UK’s £80 trillion payments industry and the first of its kind in the world, responsible for driving competition and innovation in the interests of consumers.

She was also a senior partner at Ofgem, where she had responsibility for the networks division. Ms Nixon is currently an NED of Thames Water and National Grid Electricity System Operator and an advisor to Curve, an innovative fintech company. Until recently she was also a NED of the Jersey Competition and Regulatory Authority.

Ruwan Weerasekera is the former COO and a managing partner of SoftBank Investment Advisers, a managing director and COO for Securities at UBS Investment Bank and partner of Accenture. He is also a former Senior Independent Director of ICBC Standard Bank PLC and a non-executive director of London North West University Health Care Trust.

Keith Skeoch, FRC interim chairman, said: “I am delighted to welcome such high calibre appointees as Ruwan and Hannah to the Board and look forward to working with them as we continue the transformation journey to becoming ARGA.”