The Treasury has appointed Bank of England adviser and former lawyer Charles Randell as the FCA’s new chairman.
Randell currently sits on the Bank of England’s Prudential Regulation Committee and is a non-executive board member at the Department for Business, Energy and Industrial Strategy.
A lawyer by training, Randell was previously a partner at leading firm Slaughter and May, working on corporate finance and bank restructuring projects.
The FCA has been searching for a new chair since incumbent John Griffith-Jones announced his intention to step down in June last year after serving his five year term.
Randell will take over as chair of the FCA and sister body the Payment Systems Regulator on 1 April.
He says: “I’m very honoured to have the opportunity to chair the FCA and the PSR. They do vital work in delivering a stable and trusted system of financial regulation which protects consumers while supporting innovation, competition and growth. I look forward to working with colleagues at both organisations as they continue their mission.”
FCA chief executive Andrew Bailey says: “I am very pleased to welcome Charles to the FCA. His experience of regulation, both during the financial crisis and more recently as a member of the Prudential Regulation Committee, mean that he has a strong understanding of the challenges that the FCA faces and I look forward to tackling these with him in his new role.”
Chancellor Philip Hammond thanked Griffith-Jones for his contribution as the first chair of the FCA and PSR for building “highly effective organisations which are critical parts of the UK financial regulatory system.”