FCA Chair to step down in Spring 2022

Charles Randell, Chairman of the Financial Conduct Authority (FCA), will step down from the regulator a year earlier than planned.

Randell, who took up the role in April 2018 and was meant to serve a five-year term, will leave the FCA and the Payment Systems Regulator in spring 2022, having spent four years in the job.

In a letter to Chancellor Rishi Sunak, Randell, said he wanted to step down early so that his successor could oversee the completion of a wide-ranging overhaul of the financial watchdog.

Under Randell’s leadership as Chair, the FCA has established a significant multi-year transformation programme to become a more proactive, data-led and forward-looking regulator. 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.

Over the same period, the PSR significantly improved protections to prevent payment scams, including introducing the Confirmation of Payee. This year, the PSR proposed a strategy designed to make sure payment systems work well for the long-term and set out its interim findings in a competition case in the pre-paid cards market.

Chancellor of the Exchequer, Rishi Sunak, “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.”

“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.”

Charles Randell commented “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. Being Chair of the FCA and PSR has been a great privilege.”