HM Revenue & Customs’s interim chief financial officer Philip Moore has
left to join defined benefit pension buyout company, Pension Corporation, where
he will lead “strategic development”.
Moore’s move to Pension Corporation in October followed a House of Commons
report which pointed out that he is not a chartered accountant and added that,
under guidelines set out in the government’s
Spending Review, all FDs running governmental departments must be
Moore is a qualified actuary, but pensions never came under his remit as HMRC
interim CFO, which included finance, internal audit, banking services,
governance and security. Moore was one of three FDs who did not fulfil these
guidelines – the others heading up Ministry of Defence and the Crown Prosecution
Service – but you’d imagine HMRC could use a qualified accountant more than
those departments, particularly now as government stands accused of lacking
basic knowledge of finance and financial markets.
HMRC predictably denies that the House of Commons report has anything to do
with Moore’s departure, though it confirmed to Financial Director that
the role has now been split between Simon Hopkins, HMRC’s director of financial
planning and analysis, and Jon Fundrey, financial controller – who are both
It was clear that Moore’s appointment in January this year as interim CFO was
a marriage of convenience for both parties. His predecessor Stuart Cruikshank’s
departure this January was a shock to the Revenue, while Moore had time on his
hands after quitting as chief executive of Friends Provident last Christmas,
following the failed merger with Resolution (which was acquired by Pearl).
Moore had only been in that job for a year after his promotion from the CFO
role with Friends and had previously served in senior finance roles elsewhere,
so was suitably experienced (and, undoubtedly, connected). Moore is the second
person from HMRC to join the Pension Corporation board. The Revenue’s former
chairman Sir Nicolas Montagu is also a board director at Pension Corporation.