FCA Chief Surprises by Stepping Down

Chair of the UK regulator the Financial Conduct Authority (FCA), Charles Randell, has announced he is stepping down in the Spring of 2022, a year before his five-year term was due to end.

In a statement, the FCA says Randell has asked UK Chancellor of the Exchequer Rishi Sunak to commence the process to appoint his successor as chair of the FCA and the Payment Systems Regulator (PSR). Ignoring increasing reports of staff discontent, the FCA says Randell has established a significant multi-year transformation programme to make the FCA “a more proactive, data-led and forward-looking regulator”.

It adds the FCA has successfully transitioned to a new executive team, which is rolling out detailed strategies to support its transformation. During this period, the FCA also supported the UK’s departure from the EU with minimal disruption to financial services, supported consumers and businesses through the pandemic, and is now playing a key role in ensuring financial markets support the transition to a low-carbon economy.

“I want to thank Charles Randell for his work as chairman of both the Financial Conduct Authority and the Payment Systems Regulator during this important period,” says Sunak.

“Both organisations undertake a vital role in ensuring that the UK financial markets work well, protecting the interests of consumers, promoting effective competition, and enhancing the integrity of the UK financial system. Charles has led both boards during the UK’s transition to our new position outside the EU, through the vital economic response to the COVID-19 pandemic and supporting the important transition following Nikhil Rathi’s arrival as new CEO of the FCA.”

Randell adds, “As the FCA prepares to implement its new wholesale, retail and data strategies under an established new executive, now is the right time for a new chair to carry on the close and continuous oversight of our transformation. During the pandemic, the FCA stood up for consumers and businesses, while the markets we oversee proved resilient, laying the foundations for record capital raising to support the recovery.

“The PSR has been working to ensure payment systems – the lifeblood of the economy – work well for all,” he adds.

The UK government is not expected to announce a successor until the first quarter of 2022.