The Financial Conduct Authority has appointed Richard Lloyd as its interim chair, taking over from Charles Randell who spent four years in the role.
Randell stood down yesterday, seeing Lloyd take up the chair position on a temporary basis today (June 1).
The City regulator said “a recruitment process is underway” for a permanent successor to Randell, who FCA confirmed will not be moving to another position within the regulator.
Randell announced he was stepping down in October. He held the post 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.
His temporary successor Lloyd joined the FCA’s board back in April 2019 as a senior independent director. Over the past three years, Lloyd has also chaired the regulator’s board risk and oversight committees.
Alongside his work at the City watchdog, Lloyd chairs the Independent Parliamentary Standards Authority (IPSA), a body which regulates MPs’ business costs and decides their pay and pensions.
On top of these roles, Lloyd is a council member of the Advertising Standards Authority.
Previous to his work for various regulators, Lloyd chaired complaint resolution service Resolver for a year, and was a founding trustee of the Money and Mental Health Policy Institute.
In 2019, he was awarded an OBE for services to the economy and consumer rights.
These services included his executive director role at consumer champion publication Which between 2011 and 2016.
Prior to this he was chief executive of the world federation of consumer organisations, Consumers International, and head of policy at housing charity Shelter.
Lloyd also spent two years at Downing Street. From 2008 to 2010, the FCA interim chair was a special adviser to then prime minister Gordon Brown.