The UK accounting watchdog – the Financial Reporting Council – has announced that its chair is to stand down at the end of May just eight months into the role.

Simon Dingemans, a former Goldman Sachs executive and Glaxosmithkline CFO joined the regulator to oversee its transformation into the Audit, Reporting and Governance Authority (ARGA) after the body was heavily criticised by Sir John Kingman in a 2018 review.

In a statement the FRC said that Mr Dingemans was stepping down after it proved impossible for Mr Dingemans to take on additional roles provided they did not conflict with his responsibilities at the FRC....