John Griffith-Jones, Chairman of the Financial Conduct Authority (FCA) and Payment System Regulator (PSR), has confirmed plans to leave at the end of his office term, on 31 March 2018.
The former KPMG boss who was appointed as FCA Chairman in April 2013, will not stand for a second term once his five-year tenure expires on 31 March 2018.
The founding chairman recently came under fire following its handling of the major HBOS fraud case; the lender was rescued by Lloyds TSB during the financial crisis, which was audited by KPMG.
The FCA has faced criticism over the last few years after it mishandled a review into closed book insurance contracts, which resulted in the share prices of leading insurance companies to topple by hundreds of millions of pounds.
Griffith-Jones, outgoing FCA Chairman said, “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 that I will leave both in good shape to regulate well in the future.”
Chancellor of the Exchequer, Philip Hammond, said, “I want to thank John Griffith-Jones for his work as Chairman of both the Financial Conduct Authority and the Payment Systems Regulator.”
“Both undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected. “
“John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”
HM Treasury will now begin the recruitment process for a new Chair for the FCA.
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