In Conversation with Richard Moriarty, CEO
Published: 28 July 2025
19 minute read
Richard Moriarty, CEO, joins Kate O'Neill, Director of Stakeholder Engagement and Corporate Affairs, to discuss what the FRC has accomplished so far this year, take stock of the current political and economic environment, and give updates about the progress of some of its larger projects such as the Future of Audit Supervision Strategy, End to End Enforcement Review and SME audit market study.
Transcript
00:00:00:00 - 00:00:38:23
Kate O'Neill
Hello and welcome to another FRC in Conversation podcast. My name is Kate O'Neill. I'm the director of stakeholder engagement and corporate affairs here at the FRC. And today I'm joined by the FRC CEO, Richard Moriarty, who's going to share his midway through 2025 thinking thoughts and what's planned in the short to medium term for the FRC. Richard, welcome to the podcast.
00:00:39:00 - 00:00:40:02
Richard Moriarty
Thank you Kate.
00:00:40:04 - 00:01:02:20
Kate O'Neill
So, Richard, it is that halfway through the year and the last time we did this was at the beginning of the year. But there is a lot to update people on. It would be great if you could bring together some of the strands. Perhaps some of our listeners have listened to other podcasts on some of our ongoing work, but it'd be great to bring it together as a bit of a you know what we're working on what we have been working on.
00:01:02:22 - 00:01:29:01
Richard Moriarty
Thank you. Kate, I think it's important just to step back and take a moment to reflect on what the FRC stands for. Everything we do is to support the public interest and economic growth by using our influence to encourage good corporate governance, investor stewardship, and the effective regulation of audit, quality and actuarial services. And I would highlight a few areas that we've been focusing on over the last few months to bring that alive.
00:01:29:03 - 00:01:58:07
Richard Moriarty
Firstly, on corporate governance, we're really helping corporates up and down the country. But in the changes that we made to the corporate governance code earlier in the year, which will take effect next year, particularly around internal controls and boards taking ownership of risk and their controls. And I'm really encouraged by the conversations I've been having with corporates about it being principles based, it being proportionate and IT leading to better quality conversations at board level.
00:01:58:09 - 00:02:34:06
Richard Moriarty
I'm also increasingly encouraged that boards are growing in confidence to use the flexibility in the code to comply or explain. And we've been very clear that one of the strengths of the UK framework internationally is it does allow that flexibility to tailor the requirements to the individual needs of the business. We've also done some work on the stewardship code, which obviously is a really important code for the investor community to support growth and streamline it, and also align incentives across the investor value chain.
00:02:34:11 - 00:02:39:07
Richard Moriarty
Really to focus on, you know, driving good quality decision making.
00:02:39:09 - 00:03:02:14
Kate O'Neill
And Richard, would you see the corporate governance code and the stewardship code is kind of two sides of the one coin, because to your point, we want people to have richer conversations about the important things, about whether it's capital allocation risk management opportunities, rather than, you know, what we hear a lot from people box ticking. We've never wanted box ticking.
00:03:02:14 - 00:03:06:19
Kate O'Neill
But the new codes really are encouraging better conversations, as you said.
00:03:06:21 - 00:03:30:00
Richard Moriarty
Yes, they are two sides of the same coin and they're built on the same fundamentals. We want them to be principles based. We want them to be focused on outcomes, and we want them to be supportive for drive in the right conversations, at the right time, by the principles we want to avoid box ticking, and we want to avoid it being seen as, you know, mere compliance.
00:03:30:00 - 00:03:37:14
Richard Moriarty
It really ought to be supportive to better decision making, which ultimately will support growth and investment in the UK.
00:03:37:16 - 00:03:55:24
Kate O'Neill
And the last couple of weeks, we've put out two key annual publications our annual review of audit quality and the annual Enforcement Review. I mean, what do you think those publications are so anticipated, welcomed and so important for our regulated universe?
00:03:56:01 - 00:04:29:22
Richard Moriarty
I think for a number of reasons that they are anticipated and widely regarded. The first is it's a key moment in the year where we shine a light on the performance of the system and both the clients and the customers and those with an interest in audit quality investors, creditors, boards, audit chairs and audit members. They've got a real interest in our evidence basis for what we say on audit quality and in particular, what we say about individual firms, but also the profession.
00:04:29:22 - 00:04:42:19
Richard Moriarty
And the audit firms themselves are very interested in these publications because they're a source of learning, they're a source of continuous improvement, and also a little bit of competition and benchmarking in terms of how they rank to their peers.
00:04:42:21 - 00:05:01:10
Kate O'Neill
And in the annual enforcement review. I mean, it's not supposed to be some kind of scorecard. Do you see it as an opportunity to bring to life not just the way in which we undertake enforcement, but to better understand it for our stakeholders? So you know what's involved, because some of these cases are quite complex.
00:05:01:12 - 00:05:24:24
Richard Moriarty
Yeah. Enforcement is a really important part of any regulatory system, but it's also important that it's done in a consistent, fair way. And lessons are learned as well as people being held to account for, you know, serious errors and wrongdoing. And I hope our annual enforcement publication bring this to light. You know why we do it, how we do it, and what we've learned from what we've done.
00:05:25:01 - 00:05:46:24
Kate O'Neill
I know that we're going to touch on this when you update listeners about our Esma campaign, the annual review of Audit Quality this year. Talked a lot about a wider group of audit firms than perhaps we have historically moving into those mid-sized firms and not just perhaps concentrating on the larger well known firms in the market.
00:05:47:01 - 00:06:12:24
Richard Moriarty
Yeah, it's really important, Kate, that we recognize that the FRC, that we are the regulator for the whole audit market, even though for the smallest firms, we delegate day to day regulation to the professional bodies. But it is important that we step back and we own the strategy around regulation for the whole market, which is one of the reasons why I was keen to make sure that our annual publication shone a light on what was happening across the market.
00:06:13:05 - 00:06:36:04
Richard Moriarty
And look, there are some good news stories here. Audit quality has improved in the UK. It does compare favorably to jurisdictions around the world and credit to everybody involved. But we cannot be complacent. It's important to keep investing in audit quality, keeping the eye on the ball and it's not a perfect picture. You know, we still have some firms that need to catch up.
00:06:36:06 - 00:06:48:03
Richard Moriarty
You know there are still inconsistencies within some firms. So it's important that we keep on to make sure that investors and others have trust and confidence in audit in this country.
00:06:48:05 - 00:07:17:06
Kate O'Neill
When we published our three years strategy early in the new year, it referenced three projects which I know you've spoken about on some public platforms, some some colleagues have done already, some work in podcasts and other arenas. I mean, starting with the SME campaign, which was launched in January this year, I mean, that's a massive part of the UK economy and covers not every small enterprise is covered by the definition under the companies that.
00:07:17:08 - 00:07:21:10
Kate O'Neill
But hugely important for the whole of the UK.
00:07:21:12 - 00:07:53:09
Richard Moriarty
Completely right Kate. If we are to properly support economic growth in this country, we have to have an offer for SMEs up and down the country. They are the lifeblood for employment, for innovation and for regional development around the country. And it's really important that we do what we can within our remit to support them. And that was one of the reasons why I was keen to kick off the SME campaign, and I'm really pleased that we've shone a light on how the audit market is working for this really vital community.
00:07:53:11 - 00:08:18:23
Richard Moriarty
And we have published recently a practice note for auditors to allow them and encourage them to make their audits much more effective and proportionate to the scale and complexities of SMEs, something we picked up in our engagement up and down the country that SMEs and their investors were worried about. So we're hoping that practice note will go some way to address that issue.
00:08:19:00 - 00:08:45:15
Kate O'Neill
The other two projects we've been talking to so many of our stakeholders about are really, I'm going to call it a reflective approach, which, Richard, where we shining the mirror on ourselves to look at our end to end enforcement review, but also what the future of audit supervision should look and feel like. I mean, that sounds like a healthy thing to do for any organization to say, hey, is this still what we should be doing, how we should be doing that?
00:08:45:15 - 00:08:50:08
Kate O'Neill
But what should people be expecting from those two projects?
00:08:50:10 - 00:09:21:13
Richard Moriarty
Okay, as you know, I am very restless as CEO of the FRC to ensure that we are the best that we can be because we serve a really important public interest. So it's important that we keep striving for continuous improvement, and it is not sufficient to be an organization of experts. We have to be an expert organization. And that's why we've been looking at some of our regulatory models, building on the success of the past, but thinking about the challenges and opportunities of the future and how we might evolve those models.
00:09:21:15 - 00:10:02:22
Richard Moriarty
One that I'm particularly keen to discuss with our stakeholders is how we go about our supervision of audit firms and how we move to a blended approach which relies on file inspections, which is our traditional approach, but also takes into account our assurances and our review of the firm's own internal systems of quality management and control. So we put a greater spotlight on how their senior leadership are taking their own ownership and accountability for continuous improvement in making sure audit quality and integrity is where it needs to be.
00:10:02:24 - 00:10:24:01
Kate O'Neill
I guess that reflects the fact the audit market itself has changed so radically since what may be in some people's minds, what happened in 2018 after some major corporate collapses. But the market itself is changing. So I guess this is a timely moment to step back and as you say, see whether it's still fit for purpose and whether it looks to the future.
00:10:24:03 - 00:11:01:11
Richard Moriarty
That's absolutely right. Okay. But I think we need a little bit of care here. But also we absolutely need to build the right model for the future and be forward looking. We should always remember the lessons of the past. And I know some memories may fade from that dark period in audit history around 2018 2019. You know, we must not forget what happens when we take our eye off the ball and when there is a breakdown of public trust and confidence in the profession and in audit quality, it can have very real profound effects, not just for the profession itself and its reputation.
00:11:01:11 - 00:11:06:14
Richard Moriarty
And that's of the regulator, but also for investment and growth in this country.
00:11:06:16 - 00:11:32:21
Kate O'Neill
I think you've often said, which this is about a system response. I mean, like me, I think you're always amused when people say, let's stop all corporate failure. I mean, that's an impossible and rather foolish aspiration because businesses fail for lots of different reasons. It can't just be because of audit. I mean, there's competitive and commercial pressures that have the right effect on the market completely.
00:11:32:21 - 00:12:21:06
Richard Moriarty
Right. We've been very clear and perhaps a little bold to say that our role is not to prevent or corporate failure, as you say. I think that would be a disproportionate ambition. And also a foolish errand. Market exit consolidation is just as important part of a thriving entrepreneurial economy and innovative economy as market entry. I can absolutely understand, though, that when it comes to systemically important businesses that could have a scarring effect and could lead to injury to innocence, if I can put it that way, it's really important that there are adequate checks and balances, there's good governance, there's trust in the financial reporting, etc., etc. but normally businesses fail because of either the business
00:12:21:06 - 00:12:30:17
Richard Moriarty
model is rendered inappropriate or uncompetitive given changes in the marketplace or for some reason the board of directors haven't got their act together.
00:12:30:19 - 00:12:58:03
Kate O'Neill
Richard, you've been clear the FCA is not defined by waiting for the long awaited bill that's going to deliver a modernized FRC. And that's right. We've got a lot to be getting on with. But I guess here for some of our stakeholders, they've been involved in the process about the reform agenda since 2021. I know that you were encouraged that Secretary of State Jonathan Reynolds said that this was an important bill.
00:12:58:03 - 00:13:07:16
Kate O'Neill
But I guess in this government against the geopolitical landscape in which we operate, it's not that surprising. It hasn't been top of the agenda.
00:13:07:18 - 00:13:27:16
Richard Moriarty
No. I mean, look, first of all, a big call out for all of our stakeholders that have engaged in this debate and given support to the modernization of audit and our powers, the government is committed to this. There's no doubt it was in the King's Speech, and it was also referenced very, very recently in the industrial strategy that the government produced.
00:13:27:18 - 00:13:49:23
Richard Moriarty
And we know that colleagues within DVT are busy working up the details, following the stakeholder roundtables that the Secretary of State and minister convened a few months back. But it is of no surprise to me, given what's happening in the world, that there are broader priorities on parliamentary time and cabinet time at the moment, particularly on the trade front.
00:13:49:23 - 00:14:06:08
Richard Moriarty
If you think about what's happening with our steel works, and that's just two that I can mention, but we absolutely stand ready to support this when government brings it forward. Very, very pleased and welcome the government's continued commitment to make it a reality.
00:14:06:10 - 00:14:24:13
Kate O'Neill
But I guess, though people should remember, it's not going to be a complex bill, you know, word for word from the 2021 whitepaper, the government's very focused on some particular aspects that the bill will deliver, rather than what was the vast consultation in 2021?
00:14:24:15 - 00:14:53:11
Richard Moriarty
Yeah, I mean, a lot has moved on since 2021. And the John Kingman seminal report into the audit market in 2018, 19. I mean, for instance, the FRC has achieved and delivered on the 51 recommendations that John Kingman had for us as an organization. So, you know, a lot of good progress has been made. But equally, there are still some weak foundations that need fixing that were identified in John Kingman review.
00:14:53:13 - 00:15:25:24
Richard Moriarty
And I was very pleased with the roundtables that ministers convened that the three, if you like, foundations for the bill around modernizing the FRC statutory authorities. Number one, the definition of public interest entity, which is really important. Number two, and thirdly, the enforcement regime for directors accountability is number three. You know, I was quite keen that government was narrowing down on a really key set of priorities for the draft legislation when it comes forward.
00:15:26:01 - 00:15:38:07
Kate O'Neill
Those directors accountabilities already exist in the companies that this is about in relation to their role on the board in relation to signing off on financial statements and audits.
00:15:38:09 - 00:16:22:03
Richard Moriarty
Yeah, I think we need to be really clear on this point because it is often misunderstood that there is no proposal, at least as far as I'm aware, to use this bill to extend or expand the range of directors duties. This is a rather narrow point which is around the enforcement regime for the current directors accountabilities on financial reporting and the rather anachronistic structure we have that the FRC powers only bite on cases where the individual is a member of the accountancy profession and there are a great many directors that might be responsible for financial reporting issues that are not members of the accountancy profession.
00:16:22:05 - 00:16:30:03
Richard Moriarty
And that is something that a lot of parliamentarians and indeed the broader public, find rather anachronistic.
00:16:30:05 - 00:16:49:24
Kate O'Neill
I guess it's a bit of a watch, this space as ever. But, you know, we know that the department continues to consult formally and informally with stakeholders. As you know, they put their shoulder to the will on the bill. So perhaps in the autumn we'll hear a bit more about that, which is the topic of the year for regulators.
00:16:49:24 - 00:17:09:19
Kate O'Neill
And I guess some call it balance, some call it tension between regulation and growth. I mean, given your career in regulation, perhaps this has been an ongoing theme, but it's certainly been heightened in recent months. How are you thinking about this? Are they binary? Are they mutually exclusive?
00:17:09:20 - 00:17:30:02
Richard Moriarty
Okay. I think the first thing that I would say is for the FRC, growth is explicit in the core purpose of the organization, which we set down in the strategy that we published earlier this year. You know, we're very clear that our role is to serve the public interest and support economic growth. And we framed it that way because we do not see it.
00:17:30:06 - 00:18:03:12
Richard Moriarty
Certainly, I do not see it as a binary where you have one, but not the other. Many businesses, many investors, many commentators that I speak to say the important thing for the UK is to develop smart, proportionate and effective regulation that acts as a beacon to attract investment to the shores and actually, given developments around the world, there is a real opportunity, I think, here for the UK to carve out a bit of a USP in attracting batsmen on the back of really sensible, proportionate, smart regulation.
00:18:03:12 - 00:18:34:06
Richard Moriarty
This is not about a race to the bottom, but it is about being conscious about competitive position around the world. It is important that the UK recognizes that it has to attract talent, capital and indeed industrial location decisions based on many factors, including its regulatory framework. So I'm really keen that the FC plays its role to the full there, and you would have seen some of that played through in the decisions that we took around the corporate governance code and the stewardship code.
00:18:34:08 - 00:19:01:21
Kate O'Neill
And I suppose for our stakeholders, when people think, well, you know, we've got all of these financial services regulators, the FRC remit and vision really is about those three key pillars that well-run companies with effective boards, quality assurance and well prepared accounts, in line with international standards, allow a company to thrive, access capital and investment. And, you know, I think we've been very clear about that.
00:19:01:23 - 00:19:16:05
Kate O'Neill
I guess some people out there would say it's the total weight of regulation that feels burdensome. It's perhaps not the forces fault. Do you think regulators can work in this space a bit more smartly, more of a system approach?
00:19:16:07 - 00:19:34:00
Richard Moriarty
Well, I would make two points to that. Okay. And it's a really important point you just raised. The first is it is important. I think it's critical that we work as a system. And you're only as strong as the weakest part of the system. Yes, there's a focus on regulation and there should be and we should rise to that challenge.
00:19:34:02 - 00:20:09:22
Richard Moriarty
But actually we also need government to lean in. We need investors cleaning. We need to supply chains leading. And we need boards cleaning as well, and have courage and really discover entrepreneurial vim and verve. But we also, as regulators, need to work closely together because I'm aware in my career, every regulator will optimize within their sort of domain and their vertical, but the cumulative sum of regulation in the boardroom can be quite accretive and allow people to focus on the direct costs of regulation, compliance teams and, you know, all of that.
00:20:09:24 - 00:20:53:08
Richard Moriarty
Actually, for me, one of the often under appreciated costs of regulation is the indirect costs of senior management bandwidth and board time. You know, if your board is spending all of its time playing defense on compliance, then when is it playing offense to attack the next opportunity and drive the company forward and create the jobs? So this point about the indirect costs of the stock of regulation, particularly as it pertains to board bandwidth and board time, is really important and it is something that I would be keen to, you know, work together with other regulators, government and industry on because there has to be a system solution to this.
00:20:53:10 - 00:21:20:04
Kate O'Neill
We're working with the department on their review of non-financial reporting, which many have said has kind of ballooned and probably drives some of the criticism the length of annual report and accounts, for example, I guess there's a balance because there are emerging areas like reporting on sustainability, continued reporting on ESG, and that's being driven by demands from investors and other stakeholders.
00:21:20:06 - 00:21:33:00
Kate O'Neill
I mean, does this go back to your point about really kind of looking at the whole of what's being required and saying what's fall, what's it driving? What are the outcomes you're trying to achieve through that disclosure?
00:21:33:02 - 00:22:03:01
Richard Moriarty
Completely? I'm, I'm really supportive of what DVT and government are doing on the non-financial review and looking at those reporting requirements that flow from the Companies Act, because, after all, a lot of this is baked into legislation and statutory instruments, and I suspect a lot of it is accreted over time, like geological layers without taking things off. So the opportunity that governments taken to step back and look at this as a stock, I think, is one that we should grab with both hands.
00:22:03:04 - 00:22:24:03
Richard Moriarty
I'm also conscious of the wedge that's opened up between the requirements on publicly listed businesses and private businesses. And, you know, I would argue there should be two lenses that we ought to focus on here as a system. First of all, is the reporting useful, you know, to help investors, does it help creditors, etc., etc.. And secondly, what's its cost?
00:22:24:03 - 00:22:47:01
Richard Moriarty
And I don't just mean the direct costs of producing it, I do mean the indirect bandwidth costs of boards having to deal with it, assure it, etc., etc. and therefore I would support smart attempts to streamline this stock of reporting that has grown over time. But also, Kate, if I can say I would also encourage boards to challenge themselves more.
00:22:47:03 - 00:22:48:04
Kate O'Neill
I think that's right.
00:22:48:06 - 00:23:21:20
Richard Moriarty
I think it's too easy for audit committees and boards to add things in, because the incentive is to add rather than subtract. So, you know, there's nothing to stop boards really challenging themselves around the length of the annual report. Does it say what it needs to say and no more. And this is a challenge. The FRC has tried to rise to itself, but in terms of our annual report and accounts, where if we look at it over the last three years, the current year is 30% less by volume than it was three years ago.
00:23:21:20 - 00:23:25:06
Richard Moriarty
And it's not just because we change the font size, I promise.
00:23:25:08 - 00:23:49:16
Kate O'Neill
No, that's absolutely right. So looking ahead, Richard, I mean, I'll dive into the theme that's occupying everybody's mind, I guess I in tech Tech's always been a driver of the future, but how are you thinking about that? Not just from the FRC as an organizational perspective, but in the markets in which we regulate and operate?
00:23:49:18 - 00:24:10:21
Richard Moriarty
I think AI and technology are really important. They're going to shape all of our futures, and particularly the markets that the FRC oversees. Everyone in audit is talking about AI, whether it be the clients and the companies for their financial reporting, whether it be the auditors themselves, whether it be the professional bodies and thinking about what skills they need for the future of the profession.
00:24:10:23 - 00:24:37:05
Richard Moriarty
I mean, my judgment at the moment is as a system, what we are doing is defining the right questions and defining the opportunities and risks. We're not quite at the point where we know all of the answers, although I should say that the FRC is keen to lean into this heavily, and we have issued guidance to in auditors and actuaries over their use of AI tools and machine learning.
00:24:37:07 - 00:25:03:01
Kate O'Neill
We've also done quite a lot on the digital reporting side because, I mean, obviously that's the feature. Many companies have been adopting this, but for smaller companies, digital reporting is actually a valuable tool from a cost and benefit perspective. So we've formed a digital reporting team that that's driving a lot of opportunities for companies to be more flexible and agile in this area.
00:25:03:03 - 00:25:25:10
Richard Moriarty
That's right. I mean, we've got a small but I think, significant role when it comes to digital reporting, which is to put the plumbing and the electrics into the system. So we do a lot of work on the digital taxonomies, which provide the index for filing. We support companies House, we support the FCA and Charities Commission and other regulators.
00:25:25:12 - 00:25:37:12
Richard Moriarty
And we've also developed, with some funding from government, a tool that allows people access to digital reports for research and broader interest.
00:25:37:14 - 00:26:05:07
Kate O'Neill
Sustainability is another big word in our stakeholder universe, and it means different things to different people. But we're seeing obviously a increase in the number of suppliers of assurance of sustainability. And I guess, you know, the traditional audit firms will probably lead the way, which is why we've put out a market study in February to help people think about where they're going to get this assurance from, because it's going to be from many sources, depending on your company.
00:26:05:07 - 00:26:06:15
Kate O'Neill
Right?
00:26:06:17 - 00:26:32:21
Richard Moriarty
It is. And I'm really pleased that the government took our advice when it comes to the insurance market and effectively made it profession agnostic. It is important that there are high standards. It is important that the regulation is proportionate and effective and all of that. But I was quite keen that we didn't enfranchise a monopoly amongst auditors. I do think auditors have a great opportunity here.
00:26:33:01 - 00:26:57:24
Richard Moriarty
They have long had skills in assurance. They've got an ethical code and audit committees may not wish to deal with a multiplicity of firms doing assurance. They may rather only deal with one. But I think it's important that auditors fight for this market because there are firms out there, disruptors, a new firms from adjacent industries that have an offer for this market.
00:26:58:03 - 00:27:03:22
Richard Moriarty
And I think it is important that we see that competition and innovation and do what we can to encourage it.
00:27:03:24 - 00:27:30:18
Kate O'Neill
Absolutely. And we've had an audit and assurance sandbox for some time, which has been a good, safe place for firms and other users of audit to come and talk about challenges, not seek advice, but just come and talk about ways that they could be approaching things differently. But you're looking to expand the sandbox into an innovation hub. Be really great to get a few lines on.
00:27:30:18 - 00:27:40:23
Kate O'Neill
How do you think about this hub model? Because I know you've used it in previous roles, and I guess it would never be set in cement because it is supposed to be that innovation space.
00:27:41:00 - 00:28:07:03
Richard Moriarty
Yeah. Thanks, Kate. I should declare an interest because I am a massive fan of regulatory sandboxes. Having introduced one, the Civil Aviation Authority in a safety critical environment. And I think to myself, if we could introduce in this country a regime for drones, for electric flying, taxis and the world's first hydrogen flight, we must be able to innovate, to trial, to pilot, to try stuff.
00:28:07:08 - 00:28:34:16
Richard Moriarty
When it comes to the audit market. So I am very keen to increase our presence when it comes to the sandbox, but also the scale box, which offers smaller firms an opportunity to gain insight and gain experience. And later this year, I am very keen to bring forward more detail about an investment that we will make in our capabilities in this area, working with other partners.
00:28:34:18 - 00:28:46:09
Richard Moriarty
Although we don't have all the answers and we are only, after all, a small regulator, I am very keen that we offer a hub for innovation for the markets that we oversee.
00:28:46:11 - 00:28:59:20
Kate O'Neill
So watch this space on the hub. That sounds like something in the autumn. And I guess from early conversations I've had with stakeholders, and perhaps you have as well, which people have got some good ideas, some good experiences, they're very happy to share with us.
00:28:59:22 - 00:29:24:21
Richard Moriarty
Absolutely. And so often regulators are positioned as people that stop. Things happen in some extent. You know, there will always be that role and that's what the public will expect, particularly when it comes to keeping them safe and, you know, protecting them from harm. But regulators can also and should also have an enabling mechanism, and particularly when it comes to leaning into new technologies, different ways of doing things.
00:29:25:01 - 00:29:42:07
Richard Moriarty
And some things won't work. The trick, I think, of the sandboxes is to have an open mind. There may be things that work that really change the game, but there may also be things, and they fail fast and they fail safely. But I am very keen that the FRC plays an enhanced role in this space.
00:29:42:09 - 00:30:06:17
Kate O'Neill
Thank you Richard for an engaging podcast. As ever. Lots on the go, lots to come and I will be asking you back at the end of the year using this as a bit of a reference point for an update on some of these ongoing projects, but some of the newer ones, like the hub that you've just mentioned. So thank you, Richard Moriarty, CEO of the FRC, and look forward to talking to you again at the end of the year.
00:30:06:19 - 00:30:14:23
Richard Moriarty
Kate. My pleasure. Thank you.