With many of us just returning to work this week after the festive break, HM Treasury has today announced the appointment of the incoming Chair of the Financial Conduct Authority (FCA).
Charles Randell CBE has been named as the new Chair of the FCA and will take over from John Griffith-Jones on the 1st April 2018. Charles Randell is currently an external member of the Prudential Regulation Committee of the Bank of England and a non-executive board member of the department for Business, Energy and Industrial Strategy. He will serve for a five year term in his new role.
Charles Randell started working at Slaughter and May from 1980 before becoming a partner in 1989, specialising in corporate finance law as well as working on financial stability and bank restructuring assignments. He left Slaughter and May after 33 years.
He advised HM Treasury on the resolutions of Northern Rock, Bradford & Bingley and the Icelandic banks; the Government’s investments into RBS and the merged Lloyds/HBOS: and the Assets Protection Scheme.
John Griffith-Jones stated:
“I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role.”
The FCA has also appointed Charles Randell as the Chair of the Payments Systems Regulator (PSR). He commences his role with the economic regulator for the UK’s payment systems industry from the same date, 1st April 2018.
Charles Randell commented on his appointments saying;
“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.”
Andrew Bailey, FCA Chief Executive also commented on the appointment stating:
“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, means 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.”
For further details and comment on the new appointment you can access the full HM treasury announcement here.