News May 2019 FRC appoints David Rule as Executive Director of Supervision

FRC appoints David Rule as Executive Director of Supervision

24 May 2019
The Financial Reporting Council (FRC) has appointed David Rule to a newly established position as Executive Director of Supervision.
He will join the FRC on secondment from the Bank of England’s Prudential Regulation Authority (PRA) where he is Executive Director, Insurance Supervision.
David will lead the FRC’s audit quality and corporate reporting review functions and sit on the FRC’s Executive Committee. Reporting to the FRC’s Chief Executive, the Executive Director of Supervision will be responsible for overseeing the supervision and monitoring of audit and company reporting. 
The Executive Director of Supervision will play a key role in the FRC’s transition to a new regulator, the Audit, Reporting and Governance Authority (ARGA).
Stephen Haddrill FRC CEO said:

“I am delighted to welcome David to the FRC. He brings substantial experience and understanding of financial markets that will be invaluable to the FRC as we transition towards a new statutory regulator.”
“He joins the FRC at a time of strategic importance and will play a significant role in driving further improvements in audit and reporting quality.”

About David Rule:
David Rule is currently Executive Director, Insurance Supervision at the Bank of England’s Prudential Regulation Authority. Previously he was Executive Director Prudential Policy and Director, International UK Banks Supervision.  He worked for the FSA as Head of the Macro Prudential Department and was Chief Executive of the International Securities Lending Association. He has a degree in Modern History and further degrees in Political Science and Economics. 

Notes to editors:

David Rule’s start date is 01 September 2019.

The FRC’s mission is to promote transparency and integrity in business. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the competent authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality. 

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