Simon Dingemans, the former Goldman Sachs banker and ex-chief financial officer at GlaxoSmithKline, is stepping down from his role as chair of the UK’s auditing regulator after seven months in the job, as he has been unable to avoid conflicts of responsibility.

The Financial Reporting Council announced Dingemans' departure in a statement on 20 May, just hours after he informed the business secretary, Alok Sharma, of his decision.