Executive Committee

Role of the Executive Committee

The Executive Committee manages the day to day operations of the FRC, including resources, policies and programmes.

Executive Committee Members

• 

  Richard Moriarty

  CEO

  Appointed 2 October 2023

  Richard has over 25 years of board-level experience across a range of regulated sectors.

  Prior to joining the FRC, he was CEO of the UK’s Civil Aviation Authority and before that the CEO of the Legal Services Board, which oversees the regulation of the legal professions. Earlier in his career he held senior roles in the regulation of social housing, communications and energy. He has also held roles in the private sector such as director of a water company and partner for a consultancy.

  In a non-executive capacity, he was Deputy Chair of the Social Housing Regulator, responsible for the governance and financial viability of social landlords. Outside of the FRC, Richard is Chair of a housing association.

• 

  Sarah Rapson

  Executive Director, Supervision

  Sarah joined the FRC in 2021 and is responsible for leading the FRC’s Supervision division and its work to enhance audit quality through audit monitoring of firms, supervisor oversight of the Recognised Professional Bodies, and promoting improvement in corporate reporting through detailed technical reviews of companies’ Annual Reports and Accounts.

  Previously, she was a Board Member at the UK Home Office, the first Director-General of UK Visas and Immigration, the Registrar-General for England and Wales and Chief Executive of the Identity and Passport Service (now HM Passport Office). From 2016 to 2021, she was Director of Authorisations at the FCA. Her early career was in retail financial services at American Express, Barclays and Woolwich.

  Until 2024, she was Senior NED of the North Middlesex Hospital Trust and Chair of its Finance and Performance Committee. She is currently NED of the Royal Free London NHS Foundation Trust and Chair of its Research, Innovation and Strategic Change Committee.

  Sarah holds an MBA from London Business School.

• 

  Elizabeth Barrett

  Executive Counsel and Executive Director, Enforcement

  Elizabeth became FRC Executive Counsel and Director of Enforcement in August 2018. She is responsible for leading the FRC’s Enforcement division and for decisions relating to investigations and enforcement involving auditors, accountants and actuaries. Following a period as Vice Chair, in April 2022 Elizabeth became the Chair of the Enforcement Section of the International Forum of Independent Audit Regulators.

  Elizabeth spent 30 years at Slaughter and May, including 27 years as a partner handling a broad range of complex and high-profile proceedings and contentious regulatory matters in the corporate and financing sectors. She was the Head of the firm’s Dispute Resolution Department between 2004 and 2008, and advised HM Treasury on a number of high-profile proceedings throughout the financial crisis and after, including the interventions in Northern Rock and Bradford & Bingley, and the administrations of the Icelandic banks.

• 

  Mark Babington

  Executive Director, Regulatory Standards

  Mark is the Executive Director of Regulatory Standards at the FRC. He leads the division responsible for the FRC’s technical and public policy work covering audit, corporate reporting, corporate governance and stewardship, actuarial, and digital reporting and taxonomies. Prior to joining ExCo, Mark led the FRC’s UK Audit Policy programme, implementing measures to support greater competition in the UK audit market and work to support the reform of international standard setting for auditors, by global regulatory authorities.

  Mark has previous experience as a Board Member and Audit and Risk Committee Chair. He is also a member of IESBA, which sets the global Code of Ethics for the accountancy profession, and chairs IESBA’s Sustainability Task Force. Before he joined the FRC, Mark had a 20-year career in audit and was a Director at the UK National Audit Office.

• 

  Miranda Craig

  Director of Strategy & Change

  Miranda joined the FRC in March 2020 as Director of Strategy & Change, initially with responsibility for delivering the transformation programme, and now the FRC’s wider change agenda. The Strategy & Change directorate includes the Market Intelligence & Insights team, supplying the FRC with strategic enabling functions across economic and data analysis, competition expertise, and research capabilities.

  Miranda has over 20 years’ of governance experience across professional services, large private and listed companies, having qualified whilst at Ernst & Young.

  She has also held senior secretariat roles at various large private and FTSE-listed groups. Miranda spent 2019 seconded to the Department for Business, Energy & Industrial Strategy leading on the Independent Review into the Quality and Effectiveness of Audit, supporting Sir Donald Brydon’s comprehensive review of audit; its purpose, user needs and future direction.

• 

  Kate O'Neill

  Director of Stakeholder Engagement & Corporate Affairs

  Kate leads the Stakeholder Engagement and Corporate Affairs function with responsibility for delivering a coordinated international engagement programme for all stakeholders across the whole of the FRC’s remit. She is also responsible for marketing and reputation, employee and change communications, media relations, digital communications and public affairs.

  Previously, Kate was the Head of Corporate Development at Jupiter Asset Management where she was responsible for corporate strategy, investor relations and communications. She was the Managing Director of Investor Relations at Lloyds Banking Group during the financial crisis before becoming a Partner at Brunswick and then at Maitland advising global clients on capital markets and communications issues.

  After qualifying as a lawyer, Kate spent most of her career in the financial services sector in the UK, Europe and Australasia in senior leadership roles in distribution and alternative assets at AMP Asset Management, Henderson Global Investors and RBS Asset Management.

• 

  Vinita Hill

  Chief Operating Officer

  Vinita joined the FRC in January 2025 as Chief Operating Officer, leading the Corporate Services division. As a member of the ExCo, she oversees Finance, Procurement, Human Resources, Information Systems, and Facilities & Estates Management.

  Previously, Vinita served as Director of Corporate Operations at the Office of Rail and Road (ORR), where she led a team of 40 people and was the first Director to be based regionally. She managed the organisation's £41m budget while developing the ORR's first Environmental Strategy and refreshed its Diversity and Inclusion Strategy in 2024.

  With over 20 years of public sector leadership experience, including significant time at Highways England as Performance and Change Director and Designated Funds Director, Vinita has expertise in strategic leadership and organisational transformation.

  She holds a Post Graduate Certificate in Leadership & Management and an LLB Honours Law Degree. Vinita is based in the FRC's Birmingham office.