Chairman of the Financial Conduct Authority Charles Randell has resigned from his position and will step down in the spring.
Randell has asked the Chancellor to commence the process to appoint his successor at both the FCA and the Payment Systems Regulator.
Randell held the posts since April 2018, and led the regulator through the UK’s exit from the EU, the pandemic, as well as its transition to a new executive team under CEO Nikhil Rathi. .
Prior to the FCA, he was an external member of the Prudential Regulation Committee, and spent 24 years at Slaughter and May as a corporate finance lawyer.
Chancellor Rishi Sunak thanked Randell for his work across the two organisations during an “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,” he said.
“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 chief executive of the FCA.”
Randell said serving as chairman of the two organisations had been a great privilege.
He 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.
“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.”
In a speech on April 24 at the Finance and Leasing Association industry gathering, Randell said changes needed to be made “in order to transform the FCA to be as effective as it can be in this new world”.
The FCA has since announced its transformation strategy, including more streamlined decision making, a tougher approach to authorisations, and faster enforcement action.