The Financial Reporting Council (FRC) has confirmed that Baroness Hogg plans to step down as chairman when a successor has been appointed.

With over nine years at the accounting regulator, Baroness Hogg has been chairman of the FRC for the past three years.

Her term as chairman formally ended in April 2013 but she has agreed to remain as chairman to allow the search for her successor to be properly conducted and the changeover executed smoothly.

Baroness Hogg has steered the FRC through the most transformational period in its existence. The process of reform, which turned the FRC into a fully integrated body with greater powers to act when risks arise, was completed in July 2012.

Stephen Haddrill, Chief Executive Officer of the FRC said: 'It has been a privilege to work with Sarah Hogg whose motivated leadership has taken the FRC forward as a more efficient, streamlined organisation.'

The search for a successor will be conducted by the Department for Business, Innovation and Skills (BIS).