Former law-firm partner, Charles Randell, has been appointed as the new chair of the Financial Conduct Authority (FCA) and will take up his role on April 1, following the departure of the current chairman, John Griffith-Jones.
The announcement came earlier today, following speculation earlier this week. Mr Randell will also take the post as the chair of the Payments Systems Regulator (PSR) on the same date.
Randell is a member of the Prudential Regulation Committee of the Bank of England, a Non-Executive Director and Chair of Audit and Risk Assurance Committee for the Department for Business, Energy and Industrial Strategy and a Visiting Fellow in financial services regulation at Queen Mary University of London.
The appointment is for a five-year term. The current chairman, John Griffith-Jones will step down from his role on 31 March 2018, as announced by the Treasury last year.
John Griffith-Jones, Chair of the FCA, said:
“I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role.”
Andrew Bailey, FCA Chief Executive, commented:
“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.”
As reported by City AM, Charles Randell, said:
“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.”
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