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FCA reveals new chair

Charles Randell

Charles Randell (pictured above) has been appointed as the new chair of the FCA..

Charles has also been appointed as the chair of the Payments Systems Regulator (PSR).

He is currently an external member of the Bank of England’s Prudential Regulation Committee (PRC) and a non-executive board member of the Department for Business, Energy and Industrial Strategy (BEIS).

Charles has resigned from his role at the PRC and will leave the position before taking up his new roles on 1st April.

“I’m very honoured to have the opportunity to chair the FCA and the PSR,” Charles 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.”

Charles previously served at Slaughter & May from 1980 to 2013, specialising in corporate finance law and working on financial stability and bank restructuring assignments.

In 1989 he became a partner at the firm.

Charles has advised HM Treasury on the resolutions of Northern Rock, Bradford & Bingley and the Icelandic banks, as well as the government's investments into RBS, the merged Lloyds/HBOS and the Asset Protection Scheme.

Charles – who is a visiting fellow in financial services regulation at Queen Mary University of London – has also advised the Portuguese Ministry of Finance on the recapitalisation of the Portuguese banking sector. 

He will replace John Griffith-Jones, who has been the chair of the FCA since April 2013, and the chair of the PSR since April 2014.

John said: “I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role.”

Philip Hammond, the chancellor of the exchequer, added: “I am delighted to appoint Charles Randell as chair of the FCA.

“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.

“I would like to thank the outgoing chair John 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.

“I wish him all the best for the future.”

The chancellor also announced the re-appointment of David Belsham as an external member of PRC for three additional years.

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