The FCA has a new chairman

Charles Randell.The Treasury

• Lawyer Charles Randell to chair FCA and PSR from April.
• He replaces John Griffith-Jones, who has been in post since 2013.

LONDON — Lawyer Charles Randell has been appointed the new chairman of the UK’s Financial Conduct Authority (FCA) and the Payments Systems Regulator (PSR).

The Treasury announced the appointment on Friday. Chancellor Philip Hammond said in a statement: “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.”

Randell is currently an external member of the Bank of England’s Prudential Regulation Committee (PRC) and a non-exec at the Department for Business, Energy and Industrial Strategy (BEIS). He spent 33 years at law firm Slaughter & May before taking up these positions and was a partner there for over two decades.

Randell said in a statement: “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.”

Randell replaces the FCA and PSR’s outgoing chairman John Griffith-Jones, who has been in the roles since 2013. Randell will take up the new role in April.

FCA CEO Andrew Bailey said in a statement: “I am very pleased to welcome Charles to the FCA. His experience of regulation, both during the financial crisis and more recently as a member of the Prudential Regulation Committee, mean that he has a strong understanding of the challenges that the FCA faces and I look forward to tackling these with him in his new role.”