Financial crisis lawyer in the lead for FCA Chairmanship

Financial crisis lawyer in the lead for FCA Chairmanship

A former law firm partner who advised the Treasury during the banking crisis of 2008 is in the running to succeed John Griffith-Jones as Chairman of the Financial Conduct Authority (FCA), as reported by Sky News.

The lawyer advised the Treasury in its response to the collapse of British Bank, Northern Rock, and the bailout of Royal Bank of Scotland and Lloyds Banking Group during the credit crunch.

Charles Randell is leading the race to chair the financial regulator after the current chairman, John Griffith-Jones, stands down from his post in Spring 2018, as announced last year by the Treasury.

Mr Griffith Jones has overseen the city watchdog since its creation in 2013 and confirmed that he will not be standing for another term after holding the post for a full five-year term.

Mr Randell, 59, is a member of the Bank of England’s Prudential Regulation Committee (PRC) and is a former partner at law firm, Slaughter and May.

He also sits on the board of Department for Business, Energy and Industrial Strategy.

According to Sky News, the Treasury is expected to make an announcement this week in relation to who will be succeeding John Griffith-Jones at the Financial Conduct Authority.

During Randell’s time at the Prudential Regulation Authority, Randell was instrumental in looking into the official report into the collapse of HBOS, which was bailed out by Lloyds Banking Group.

HM Treasury have been looking for a replacement to fill the role of Chairman of the Financial Conduct Authority once Griffith-Jones stands down on 31 March 2018.

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