AAT welcomes Sir Jon Thompson's appointment as Financial Reporting Council CEO

Commenting on the news that Sir Jon Thompson is to become Chief Executive of the Financial Reporting Council (FRC), Brian Palmer, AAT’s tax policy expert, said: “Sir Jon Thompson’s move from Chief Executive of HMRC to the same role at the FRC comes as excellent news for the latter organisation.

“While he has only been at HMRC for three years, he will be leaving off the back of record revenues for Britain’s tax administration and a seemingly successful transition, at least so far, to the Making Tax Digital scheme. We’re naturally thrilled that someone who came into the industry through AAT accounting qualifications has progressed right to the top of his profession. It is quite an achievement for Sir Jon, as well as a real feather in the cap for the AAT family, and he will likely shake things up at the FRC (soon to become the Audit, Reporting and Governance Authority).

“HMRC is right to point to recent efforts to clamp down on tax evasion as part of the reason for the £627.9 billion it collected during the 2018/19 tax year, a 3.6% increase on the previous year’s figures. With a delayed Brexit potentially around the corner, Sir Jon will no doubt take satisfaction that in the current uncertain and adverse conditions, his organisation has still managed to achieve strong results. This is no doubt something that this week’s incoming prime minister will appreciate too, given both Boris Johnson and Jeremy Hunt’s reported plans to loosen the purse strings.”