Outgoing Clifford Chance (CC) managing partner David Childs has been appointed to chair the Financial Reporting Council's (FRC's) conduct committee.

Childs is set to take up the role after his management term draws to a close in May 2014, when he will hand over the reins to current CC global head of corporate Matthew Layton.

Childs will replace current FRC chair Richard Fleck when he steps down from the board on 1 May 2014.

Fleck, a consultant at Herbert Smith Freehills, will continue to chair the FRC's financial reporting review panel until the end of 2014. He has spent ten years on the board of the FRC.

The conduct committee is responsible for overseeing the FRC's conduct division in its work promoting high quality corporate reporting. It manages the monitoring of supervisory and qualifying bodies, audit quality reviews, corporate reporting reviews and professional discipline.

Childs (pictured) said: "A strong but fair regulatory approach is critical to fostering investment in the UK's corporate sector. I look forward to supporting the FRC in its vital role ensuring high standards of professional behaviour are maintained."

Childs told Legal Week that he is also in talks to take up more board roles when he retires next year.

FRC chairman Baroness Hogg said: "[Childs'] experience of the legal issues facing corporate Britain will be invaluable to the vital work of the FRC as it continues to deploy the greater powers it has acquired since reform ever more effectively."

Childs, who had served as chief operating officer at the firm since 2003, was first elected as CC managing partner following an uncontested vote in 2006.

Layton will head up the magic circle firm alongside CC senior partner Malcolm Sweeting, who took up a four-year term in January 2011.