Financial Reporting Council Announces Two New Executive Directors
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Published: 3 October 2025
The Financial Reporting Council (FRC) has today announced the appointment of two new Executive Directors to its leadership team following the resignation of the current Executive Director, Supervision Sarah Rapson to join the SRA as CEO and the retirement of Elizabeth Barrett, Executive Director, Enforcement and Executive Counsel at the end of October.
Anthony Barrett has been appointed Executive Director of Supervision, while Penrose Foss will take up the role of Executive Director of investigations and Enforcement.
Mr Barrett, currently FRC Director of Audit Quality Review, will transition to his new role on 20 October. He joined the FRC in 2020, bringing extensive public sector experience from his previous position as Assistant Auditor General at the Wales Audit Office, where he held strategic and operational responsibility for financial and performance audits across approximately 800 public bodies in Wales.
Ms Foss will join the FRC as Executive Director, Investigations and Enforcement and Executive Counsel on 15 December. Ms Foss has thirty years of litigation and investigations experience drawn from the private sector and government. She has extensive experience of managing complex regulatory investigations affecting auditors, accountants, actuaries, taxation professionals and insolvency practitioners. Ms Foss serves as a First-tier Tribunal Judge of the General Regulatory Chamber.
Richard Moriarty, FRC CEO,"I'm delighted to welcome Anthony and Penrose to the Executive Committee of the FRC and welcome the strength and experience that their strategic leadership will bring to their new roles. Anthony's proven track record within the FRC and deep understanding of audit supervision makes him an excellent choice to lead this critical function. Penrose brings exceptional expertise in professional regulation and enforcement that will continue to provide the leadership we need for the strategic period ahead.
Both appointments come at a pivotal time as we continue to work through the some key FRC initiatives including important Future of Audit Supervision Strategy, our project on supporting the SME audit market, our recently launched initiative aimed at building capability in the smaller PIE audit firms and our End-to-End Enforcement review."
Anthony Barrett, incoming Executive Director of Supervision"I'm honoured to take on this role at such an important time for the FRC’s Supervision Division. Having worked closely with our supervision teams, I understand the challenges and opportunities ahead. I look forward to building on the FRC's strong foundations to continue to deliver effective oversight that serves the public interest."
Penrose Foss, incoming Executive Director of Investigations and EnforcementI am very much looking forward to leading the FRC's Enforcement Division and working to ensure that when standards fall short, we take fair, proportionate and effective action in the public interest to hold those responsible to account. My experience in regulatory investigations and professional disciplinary proceedings will support the FRC’s commitment to that end, ultimately protecting the public and all stakeholders who rely on accurate and transparent financial information to underpin confidence in the UK economy."
The appointments provide ongoing strength and depth in the FRC's leadership team as it continues to evolve its regulatory approach and maintain its effectiveness in overseeing the UK's audit and corporate reporting landscape.