How to reform a regulator: in conversation with Sir Jon Thompson

The Institute for Government was delighted to welcome Sir Jon Thompson, Chief Executive of the Financial Reporting Council (FRC) and former permanent secretary at the Ministry of Defence and HMRC. Sir Jon has led the FRC – which oversees audit and corporate governance reform of the UK's largest companies – through a period of major transformation, and last year the FRC issued record fines, including for misconduct at KPMG following its audits of Regenersis and Carillion. Ahead of standing down from leading the FRC, Sir Jon reflected on his experience of being a regulator and the role that the audit watchdog plays. How far should regulation prevent corporate failures? What is the future of audit reform? And how can regulation keep pace with technological and social change? To discuss these questions and look ahead to some of the key challenges facing regulators in the UK, Sir Jon was in conversation with Dr Matthew Gill, Programme Director at the Institute for Government. Sir Jon Thompson has been CEO of the FRC since 2019. He was appointed chair of High Speed Two in February 2023, and will leave the FRC later this year.