THE Treasury has appointed veteran lawyer Charles Randell as head of the Financial Conduct Authority (FCA), making him the UK watchdog’s second chair since its formation in 2013.
Randell will also lead the Payments Systems Regulator (PSR) and will step into both roles on April 1.
It ends John Griffith-Jones’ tenure as chair of FCA, which stretches back to the financial supervisor’s founding in April 2013.
Randell joins the FCA after a long stint as a lawyer at Slaughter and May from 1980 to 2013, having specialised in corporate finance law and taken on a string of bank restructuring assignments that saw him advise the Treasury on the resolution of Northern Rock, Bradford & Bingley and Icelandic banks.
He also worked on the Government’s bailout of Royal Bank of Scotland and Lloyds/HBOS, as well as the Asset Protection Scheme.
FCA chief executive Andrew Bailey 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 currently serves as an external member of the Bank of England’s Prudential Regulation Committee (PRC), but will formally step down before taking up the FCA and PSR positions.
He is also a non-executive board member of the Department for Business, Energy and Industrial Strategy but no announcement has yet been made over whether he will continue this position.
Randell said: “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.”
Chancellor Philip Hammond commended outgoing chair Griffith-Jones 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,” Hammond said.
Commenting on the incoming chairman, he added: “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.”
The Treasury would not provide details on the number of applications put forward for the role, which were due late last year.
Andrew Tyrie, best known for his time as chairman of the influential Treasury Select Committee, was widely expected to be a contender for FCA chair.
George Kerevan, a columnist for The National and former SNP MP who sat on the Treasury Select Committee, was also in the running, and had pledged to accept any pay for his work other than expenses.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here