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John Griffith-Jones to leave the FCA

FCA chairman has triggered advice versus guidance debate and incurred a record £40,000 expenses bill

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FCA chairman John Griffith-Jones is to step down from his role at the regulator next year.

In a joint statement published yesterday, the FCA and the Treasury say Griffith-Jones will leave the FCA on 31 March, the end of his five-year term.

He will also step down from his role as chairman of the Payment Systems Regulator at the same time.

Griffith-Jones was appointed as the first FCA chairman when the new regulator was set up in April 2013.

He faced repeated calls to resign after KPMG, which he chaired prior to joining the FCA, failed to flag siginificant losses incurred by HBOS during an audit.

The bank was subsequently taken over by Lloyds Bank of Scotland during the financial crisis.

Earlier this year Griffith-Jones argued the line between advice and guidance had become “greyer” following the development of the platform market and the potential rise of robo-advice.

He has also previously floated the idea of a “no claims bonus” on Financial Services Compensation Scheme levies, though it was not clear how this would work in practice.

Last year he incurred a record FCA expenses bill of £41,132.75 for the year to March, surpassing the £33,017.59 claimed by fomer FCA chief executive Martin Wheatley.

Griffith-Jones says: “I committed to a five-year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape.

“It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe I will leave both in good shape to regulate well in the future.”

Chancellor Philip Hammond says: “John Griffith-Jones has provided strong leadership to the FCA and PSR boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”

The Treasury will now start the recruitment process for a new FCA chair.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Hear we go with the back slapping, he will be missed, he was strong leader, blah blah blah …..

    Good riddance to rubbish, how he got the job, i will never know

  2. It is only right that the hierarchy at the FCA hold themselves to the same standards expected of those they regulate.

    Mr Griffiths-Jones is compromised by his term at KPMG and he should have resigned once the comments from the police investigators were made public.

    Is it too much to expect that his successor will arrive with an unblemished record or is it more appropriate that the Treasury uses the stance ‘set a thief to catch a thief’?

  3. When I was a management trainee (Noah was a contemporary)I was told to always be wary of people with double barrelled names.

    How this bloke ever got the job in the first place after being head of the auditors of HBOS is a bit of a surprise.

  4. In just what way is its chairman “responsible” for the work of the FCA? No one at the FCA is ever held responsible for anything, least of all its chairman, whose primary role seems to be about papering over the cracks in how the FCA has failed to fulfil its statutory responsibilities on various fronts. In reality, he’s just a highly paid spin doctor.

    Still, never mind, he’ll probably be awarded a knighthood in next year’s honours list. That’s the way things generally work if you’re in with the right crowd.

  5. Good about time. Gosh and no nighthood, yet!!

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