He will succeed interim chair Tim Waddell, who is the vice chairman of global corporate and investment banking for the EMEA at BofA Securities.
In response to the appointment, the FCA’s chair Charles Randell said: “Michael brings deep capital markets and corporate experience, with an appreciation of the important role that the Panel plays in ensuring our regulation is targeted and effective.
“Well-functioning capital markets will remain vital to support the economy as the UK starts to recover from the impact of the pandemic.”
He added: “We will continue to value the robust and constructive challenge of the Panel particularly as we contemplate our approach to the future of regulation and transformation.
“I know Michael will continue the excellent work of his predecessor and I look forward to working with him in the years ahead.”
Findlay said: “With the regulator and industry considering how markets need to adapt to be fit for the future, it is especially important that the FCA can call on the expertise of senior industry practitioners.
“I look forward to working together with my colleagues on the Panel and drawing on their broad experience of capital markets to help the FCA achieve a balanced regulatory approach whilst upholding the highest standards.”