A FORMER lawyer who advised the government in the bailouts of Northern Rock, Royal Bank of Scotland and Lloyds has been appointed as the next chairman of the Financial Conduct Authority (FCA).
Charles Randell CBE (pictured) will take the role for the five-year term and will replace John Griffith-Jones on 1 April 2018.
Randell is currently an external member of the Bank of England’s Prudential Regulation Committee (PRC) – a position he will step down from – and a non-executive board member of the department for business, energy and industrial strategy.
Before he joined the PRC, he was a partner at international law firm Slaughter & May, where he specialised in corporate finance law and led projects on financial stability and bank restructuring.
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“I am very pleased to welcome Charles to the FCA,” Andrew Bailey, chief executive of the FCA, said.
“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.”
Randell has also been appointed as chairman of the Payments Systems Regulator (PSR).
“I’m very honoured to have the opportunity to chair the FCA and the PSR,” he said.
“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.”
Chancellor Philip Hammond welcomed Randell and paid tribute to Griffith-Jones.
“Charles has a wealth of relevant experience, and I am sure that he will prove to be a strong leader at this very important time,” he said.
“I would like to thank the outgoing chairman for his service. He has been instrumental in establishing the FCA and PSR as highly effective organisations which are critical parts of the UK financial regulatory system. I wish him all the best for the future.”
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