FCA chair to step down

The chair of the Financial Conduct Authority (FCA), Charles Randell has announced that he
plans to step down in Spring 2022.

Randell has reportedly asked the Chancellor of the Exchequer, Rishi Sunak to commence the process to appoint his successor as Payment Systems Regulator (PSR).

Under his leadership as chair, the FCA has established a multi-year transformation programme to become a more “proactive, data-led and forward-looking” regulator.

During this period, the FCA also supported the UK’s departure from the EU, as well as supported consumers and businesses through the pandemic.

Randell said: “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.

“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.”

Sunak added: “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.

“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.”