The banker who bought Northern Rock and turned Virgin Money into a high-street challenger is the government’s choice to run the Financial Reporting Council, the watchdog that polices the auditors and accountants every UK business depends on.

Business Secretary Peter Kyle has named Dame Jayne-Anne Gadhia DBE CVO as his preferred candidate to chair the FRC, succeeding Sir Jan du Plessis when he steps down on 30 September.

For business owners, the appointment matters more than the acronym suggests. The FRC sets the standards behind company accounts and audits, the numbers on which lenders, investors and trading partners decide whether to back a business. It has shown its teeth in recent years, imposing a record £48 million in fines on audit firms over failures at Carillion and London Capital & Finance.

Dame Jayne-Anne arrives with a CV that spans both sides of the regulatory fence. A chartered accountant by training, she led Virgin Money from 2007 to 2018, steering the acquisition of Northern Rock and the listing of the combined business. Since then she has been a founder and dealmaker in fintech, giving her rare first-hand experience of what regulation feels like from the smaller end of the market.

She currently chairs Moneyfarm, OVO and Shakespeare’s Globe, serves as Lead NED at HMRC and Senior Independent Director at the Tate, sits on the boards of PRA Group and Innovo Group, and advises SumUp. She also spent five years as the government’s Women in Finance Champion, following her review that led to the Women in Finance Charter, now signed by more than 400 firms.

Mr Kyle said: “Dame Jayne-Anne Gadhia has a proven track record in driving growth and championing high standards in the organisations she leads, along with exceptional experience in financial services.

“She is perfectly placed to lead the FRC at this important time and I look forward to working with her to boost confidence in British businesses.”

Dame Jayne-Anne said: “I am honoured to be appointed Chair of the FRC at such an important time for the organisation and for the UK economy. Strong corporate governance, high-quality reporting and trusted audit are not abstract regulatory goals — they are the foundations on which businesses grow, investors commit capital and public confidence is maintained. The FRC has done impressive work in recent years to raise standards and modernise how it regulates and I look forward to working with Richard and the whole team to build on that progress.”

She inherits a regulator that has worked to reposition itself as more focused, transparent and proportionate under Sir Jan, a shift smaller firms will hope continues at a time when 96 per cent of businesses say regulators are creating unnecessary problems in their industries.

Richard Moriarty, the FRC’s chief executive, said: “I am delighted with Dame Jayne-Anne’s appointment and look forward to working with her. Her exceptional experience, her deep understanding of what it takes to build and lead institutions that command public trust, and her commitment to the role the FRC can play in supporting our economy make her ideally suited to lead our Board.”

Her nomination follows an open competition for the post. The Business and Trade Committee will hold a pre-appointment scrutiny hearing before the Secretary of State confirms the appointment.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

Ryan Blaney turned in one of the most dominant performances of the NASCAR Cup Series season Sunday night, leading a race-high 171 laps and surviving a dramatic overtime finish to win the Quaker State 400 Available at Walmart at EchoPark Speedway in Hampton, Georgia, a race that carried into the early hours of Monday after a lengthy weather delay and ended with a controversial post-race penalty that dropped runner-up Bubba Wallace all the way to 29th.

Blaney, driving the No. 12 Team Penske Ford, started from the pole and controlled the majority of the 400-mile event, sweeping both stages en route to what became his second win of the 2026 season. The race was red-flagged on Lap 108 after lightning and heavy rain moved through the Hampton area, forcing a delay of roughly three hours and nine minutes before the field returned to the track under the lights to complete the remaining laps. A late caution ultimately forced the race into overtime, where Blaney once again rose to the occasion, holding off a hard-charging Bubba Wallace and Carson Hocevar to secure the victory. Blaney’s 171 laps led marked the most laps led at a drafting-style track since Richard Petty’s performance in the 1964 Daytona 500.

“I knew Bubba was probably going to take us three-wide there when he was clear,” Blaney said after the race. “Overall, just a great night. To start on the pole, win both races, win the race, that’s an unbelievable weekend.” Blaney also praised the quality of racing throughout the extended event. “I thought the racing was great the whole night,” he said. “By the end of the race everyone is gripped up — they have the ability to get to the middle, the bottom, and that made it a little more chaotic.”

The race’s decisive moment came on the final lap, when Wallace, driving the No. 23 Toyota for 23XI Racing, took the white flag in third position and shoved Ryan Blaney to the lead entering Turn 1. As Blaney’s car swung high on Carson Hocevar, Wallace darted to the bottom of the track down the backstretch, creating a three-wide battle for the lead. In doing so, Wallace dropped below the track’s double yellow line and remained alongside Hocevar and Blaney through Turns 3 and 4, when a push from Christopher Bell ultimately propelled Blaney across the finish line first. Wallace initially crossed the line in second, appearing to have secured a runner-up finish, but NASCAR officials assessed a post-race penalty for advancing his position below the yellow line, dropping him to the back of the lead-lap cars in 29th and elevating Bell to the runner-up spot.

Wallace defended his move to reporters after the penalty was announced, arguing he never actually gained position while below the line. “The rule says advancing your position, which I did not do,” Wallace said. “I stayed third and I was all over the brakes to make sure I did not advance. As soon as I turned, I was like, ‘I am going to wreck.’ I got on the brakes, kept it underneath me and still ended up side-by-side.” Wallace maintained that the move, had it worked as intended, would have carried him to the win rather than a penalty. “That move should have propelled us to the lead and it didn’t because I knew it was wrong because my car did not like that move,” he said. “We will see what we can do, but I did not advance my position. I stayed third from the entry to three, all the way until 50 yards away, Ty Gibbs gave us a shot.”

Elsewhere, Wallace offered a competing account to another outlet, describing the maneuver as an instinctive reaction to his car losing grip. “I turned left because I got super loose and I just ended up there,” Wallace told EchoPark Speedway’s own reporting team.

Following the penalty announcement, Wallace and his team, including crew chief Charles Denike and 23XI Racing director of competition Dave Rogers, reviewed the race data before heading to the NASCAR hauler for a 31-minute meeting with series officials. NASCAR ultimately upheld the penalty, ruling that Wallace had violated Section 8.7.2.A of the NASCAR Rule Book, which states that “passing below the double painted lines to advance position will result in a black flag.” Wallace accepted the ruling without further argument as he left the meeting. “A penalty is a penalty,” he said.

The final-lap penalty alone cost Wallace 27 points, part of a costly night that also included lost points at the end of Stage 2, when Ty Gibbs bumped Wallace out of sixth position coming to the green-white-checkered finish. Combined, the two incidents left Wallace with just nine points on a night in which he spent significant time racing at the front of the field, including 11 laps leading the race outright. The two drivers discussed the Stage 2 incident on pit road after the race, with Wallace recounting the exchange. “I just said lift,” Wallace said. “I said there’s an opportunity to give, and you didn’t. He was like, ‘Well, don’t block me.’ It’s like, bro, you hit me square in the bumper. The block was well ahead; you seen it coming.” Gibbs, who had also given Wallace a late push toward what briefly appeared to be a runner-up finish, described his own side of the exchange. “I went to tell him sorry because he cleared himself and then, unfortunately, he showed a lot of disrespect,” Gibbs said. “It seems like it didn’t work out for him. I tried to help him out there at the end and push him to win.”

With the 29th-place result, Wallace has now finished outside the top 20 in six of his last nine races. He remains 13th in the regular-season points standings, 55 points above the playoff cutline, after losing 22 points relative to that cutline at EchoPark.

Sunday’s race carried broader championship implications beyond the Wallace penalty. Blaney’s win moved him past William Byron in the regular-season standings and trimmed his deficit to points leader Denny Hamlin to just 65 points, while Christopher Bell’s elevation to second place propelled him into the NASCAR In-Season Challenge semifinals, eliminating his own teammate Hamlin from that separate bracket competition in the process. Chase Elliott also advanced in that tournament by finishing ahead of Chase Briscoe, while Tyler Reddick, who won at EchoPark in February, finished eighth Sunday and cut his deficit to Hamlin in the overall championship standings nearly in half, down to just 24 points.

The race featured seven caution flags across 49 laps and 30 lead changes among 10 different drivers over the course of the extended, weather-interrupted event. The NASCAR Cup Series now heads to North Wilkesboro Speedway next weekend for the series’ first points-paying race at the North Carolina short track in 30 years, with Bell and Blaney set to face off in the next round of the In-Season Challenge bracket alongside the rest of the field.

The regulator also ‌extended investment ⁠restrictions to ⁠employees’ family members, the notification, published on Saturday, said.

The Securities and Exchange Board of India had decided to review its rules after former chief Madhabi Puri Buch faced conflict of interest allegations from the now-shuttered Hindenburg Research.

Buch had denied the ​allegations and was cleared by India’s ⁠anti-corruption body ‌last year.

The new rules, including the ​voluntary adoption ​of a stricter code of conduct for ⁠senior officials at the regulator, were approved by ​SEBI’s board last month.

Live Events

The rules, effective Monday, ​require SEBI officials to recuse themselves from matters involving family members, close associates and former professional relationships, and to disclose negotiations for future employment within 30 days.
Officials must also liquidate or freeze equity holdings before ‌joining SEBI and refrain from trading while in office.The regulator, in a departure from its ​2008 code ​of conduct, extended ⁠restrictions on investments by employees’ family members, including spouses and dependent children, with limited exemptions for employee stock option plans ​and pooled investment vehicles.

The rules also cap exposure to products offered by a single SEBI-regulated fund manager, including mutual funds, portfolio management services and alternative investment funds, at 25% of the employee’s total investments.

This article was written by

Follow