The Solicitors Regulation Authority has appointed the Financial Reporting Council's executive director of supervision Sarah Rapson as its new chief executive officer.

She will succeed Paul Philip who is retiring later this year after more than a decade in the role.

Ms Rapson has served as executive director of supervision at the accountancy watchdog the FRC since 2021 and will remain in her post until later this year.

Anna Bradley, chair of the SRA board, said: "Sarah stood out in what was a strong field as someone who had the right skills and knowledge to take the SRA to the next level. She has the broad and deep regulatory, policy and management experience to help her guide us through an increasingly challenging environment. I look forward to working with her.

"Paul Philip has led the organisation with purpose over the past 12 years. The board thanks him for his leadership in responding to a changing professional landscape. His work has strengthened public protection and reshaped our approach."

Ms Rapson said: "I'm honoured to be asked to lead the SRA at such a pivotal moment for the legal sector. As we enter a new chapter, we'll continue to navigate the opportunities and challenges brought by emerging technologies and evolving ways of working.

'"The public rightly expects legal professionals to uphold the highest standards of integrity and competence. I look forward to working closely with the profession, colleagues across the SRA, and with other regulators to ensure those standards are met – and to intervene appropriately where they are not."

The FRC said that while at the organisation, Ms Rapson has played an important role in strengthening the organisation's supervisory capabilities and led the regulator as deputy CEO, ahead of the arrival of Richard Moriarty. The FRC has started the process for recruiting Sarah’s successor.

Richard Moriarty, chief executive officer of the FRC, said: "While I am sorry to see Sarah leave the FRC, this is an excellent appointment for both Sarah and the SRA. Sarah has been particularly key in developing our supervisory approach and capabilities. She will be a great asset to the SRA and I wish her all the best."

Ms Rapson previously served on the board of the Home Office, was the first director-general of UK Visas and Immigration and chief executive of HM Passport Service. Her early career was in retail financial services at American Express, Barclays and Woolwich.

The FRC is the regulator of auditors, accountants and actuaries. Last year it fined national accountancy firm MHA MacIntyre Hudson, which has a wealth management arm, £200,000 for audit breaches over a company that listed bonds on the stock market.

It also imposed major fines and sanctions on three audit firms, including PwC, over their failings related to the collapse of £237m mini-bond firm London Capital & Finance (LCF) plc. The three firms sanctioned were Oliver Clive & Co Limited (OCC), Pricewaterhouse Coopers LLP (PwC) and Ernst & Young (EY). PwC was hit with a £4.9m fine by the FRC, while EY was fined £4.41m.