Raymond Doherty 4 Sep 2017 04:24pm

Gareth Rees resigns as FRC's executive counsel

The Financial Reporting Council’s QC in charge of discipline work, Gareth Rees, has stood down after five years in the role

In his position as the FRC executive counsel Rees was responsible for leading investigations into suspected misconduct by accountants and firms.

It is understood Rees resigned and is set to go back into practice. According to a report from Sky News, he is set to join US law firm King & Spalding as a partner.

The FRC confirmed his resignation but has yet to provide a timetable for recruiting his replacement.

During his time at the accountancy watchdog he was involved in several misconduct cases that resulted in record penalties for big firms and their partners including Deloitte and its work on both Aero Inventory Plc and MG Rover. Grant Thornton was fined £2.27m over AssetCo and, more recently, PwC was fined £5.1m for its audit of RSM Tenon.

Earlier this year, the FRC was forced to launch an internal investigation into one of its members, barrister Stephen Wooler, after he leaked a confidential judgement on PwC to the press ahead of the official hearing.