Economy

Charles Randell appointed as new FCA chairman

Charles Randell appointed as new FCA chairman”

He is a member of Prudential Regulation Committee of the BoE; a non-executive director and chair of Audit and Risk Assurance Committee, department for Business, Energy and Industrial Strategy; and a visiting fellow in financial services regulation at Queen Mary University of London.

Former Slaughter and May partner Charles Randell has been appointed as the new chair of the Financial Conduct Authority (FCA).

Randell, formerly a partner at global law firm Slaughter & May, will face the tricky task of helping Britain's financial services sector to navigate the country's departure from the European Union, which could potentially put United Kingdom finance jobs at risk.

Additionally, he advised the Treasury on the resolution of issues with Northern Rock, Bradford & Bingley and the Icelandic banks, as well as the government's investments into RBS and the merger of Lloyds and HBOS.

It was also confirmed that the corporate finance specialist had been handed the role of chair of the Payments Systems Regulator.

Griffith-Jones said: "I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role". Randell also advised on Portugal's recapitalization of its banking sector.

He said: "I'm very honoured to have the opportunity to chair the FCA and the PSR".

"In the current financial and economic climate, it is more important than ever that the FCA has the appropriate leadership to ensure it can protect consumers and support a healthy, innovative and competitive financial system", he said.

FCA chief executive Andrew Bailey welcomed Randell's appointment and praised his experience.

Griffith-Jones has been FCA chairman since its formation in April 2013, and PSR chairman since its formation in April 2014.

"I look forward to working with colleagues at both organisations as they continue their mission".



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