Ex-Virgin Money boss Gadhia picked to chair UK audit watchdog

Former banking boss Jayne-Anne Gadhia has been picked to chair the U.K.’s audit regulator, the government announced on Monday. 

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Gadhia, who ran Virgin Money for over a decade, is the preferred candidate to replace Jan du Plessis as chair of the Financial Reporting Council, according to a statement. 

The FRC, led by Chief Executive Officer Richard Moriarty, has an uncertain future after the government scrapped longstanding plans to replace it with a new audit watchdog in January. 

Business Secretary Peter Kyle said in a statement Gadhia has “a proven track record in driving growth and championing high standards” and “exceptional experience in financial services.”

Gadhia was CEO of Virgin Money from 2007 to 2018, overseeing its acquisition of defunct lender Northern Rock, the listing of the combined group and its eventual takeover. She went on to found fintech Snoop, which was acquired by Vanquis Banking Group Plc in 2023.

She also serves as chair of Moneyfarm and lead non-executive director at HM Revenue & Customs, among other roles. Her appointment at the FRC will be scrutinized by parliament’s business and trade select committee on Tuesday.