HM Treasury has appointed a committee member at the Bank of England as the next chairman of the Financial Conduct Authority.
Charles Randell will join the FCA on Sunday 1 April for a five-year term and will also become chairman of the Payment Systems Regulator, the economic regulator for the UK’s payment systems industry, on the same date.
He is currently an external member of the prudential regulation committee of the Bank of England and a non-executive board member of the Department for Business, Energy and Industrial Strategy.
Andrew Bailey, the FCA's chief executive, was also recruited from the Bank of England by Mr Hammond's predecessor, George Osborne, in 2016.
Philip Hammond, the Chancellor of the Exchequer, said: "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."
Mr Randell worked at law firm Slaughter and May from 1980 to 2013, becoming a partner in 1989. He specialised in corporate finance law, and worked on financial stability and bank restructuring assignments.
He advised HM Treasury on the resolutions of Northern Rock, Bradford & Bingley and the Icelandic banks as well as the government's investments into RBS and the merged Lloyds/HBOS.
Mr Randell also advised the Portuguese Ministry of Finance on the recapitalisation of the Portuguese banking sector.
He said: "I'm very honoured to have the opportunity to chair the FCA and the PSR. 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."
Mr Griffith-Jones, the former chairman of KPMG's Emea division, has been chairman of the FCA since its formation in April 2013, and chairman of the PSR since its formation in April 2014.