The FRC is pleased to announce the appointment of Timothy Walker as the next Chair of the Accountancy and Actuarial Discipline Board (AADB) and an executive director of the FRC.

The appointment follows the decision earlier this year by Mike Fogden, the AADB Chair since 2001, not to seek a further term of office. Mr Walker will take over on 1 June, 2008.

Timothy Walker retired from the Civil Service in 2005 after a distinguished career, his last post being Director General of the Health and Safety Executive. His current interests include a major non-executive director role in the National Health Service and some arts and charitable activities. Since 2006, he has been Third Church Estates Commissioner.

During his Civil Service career, Mr Walker worked on a number of high profile regulatory matters, including privatisation of the utility industry. He also worked with a number of nationalised industries, including BT, British Nuclear Fuels Ltd and the Post Office.

He has extensive European and international experience and, in particular, a deep knowledge of the institutions of the European Union.

Commenting on the appointment, Sir Christopher Hogg, FRC Chair, said:

“I am delighted that Timothy Walker has agreed to become the next Chair of the AADB. I am confident that his wide and deep experience of public service in general and regulatory issues in particular will be of great value not only to the AADB, but also to the FRC as a whole.”

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance.
2. The FRC’s functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the Committee on Corporate Governance.
3. The Accountancy and Actuarial Discipline Board ("AADB") is the independent, investigative and disciplinary body for accountants and actuaries in the UK. The AADB is responsible for operating and administering independent disciplinary schemes. The Accountancy Scheme covers members of the following accountants' professional bodies:- the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants, the Chartered Institute of Public Finance and Accountancy, the Institute of Chartered Accountants in Ireland, the Institute of Chartered Accountants of Scotland and the Institute of Chartered Accountants in England and Wales. The Actuarial Scheme covers members of the Institute of Actuaries and the Faculty of Actuaries in Scotland.
4. The focus of the AADB is on cases which raise important issues affecting the public interest; other disciplinary cases continue to be dealt with by the relevant professional body. The purpose of an investigation is to determine whether there is evidence of misconduct on the part of Members or Member Firms of the professional bodies. An investigation does not always mean that an allegation has been made or that there is evidence of misconduct on the part of the Member or Member Firm involved.
5. Disciplinary Complaints filed following an AADB investigation are heard by an independent Tribunal which normally sits in public. If the Tribunal upholds a Complaint, there is a wide range of sanctions which it can impose including an unlimited fine, exclusion from membership of a professional body and withdrawal of practising certificates or licenses.
6. Press enquires should be directed to Ian Rodger, telephone 020 7492 2395, email i.rodger@frc.org.uk.