FCA chairman Charles Randell to leave post after over three years in the job
The chairman of the City watchdog is stepping down from his post next year after over three years heading up the regulator.
Charles Randell has asked chancellor Rishi Sunak to start looking for his replacement as chairman of the Financial Conduct Authority (FCA). Randell intends to leave his post in the spring of next year.
Charles 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.”
“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.”
Randell will also leave his post as head of the Payment Systems Regulator.
Chancellor Rishi Sunak said: “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.”
“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.”
The FCA has ramped up pressure on the financial services industry to strengthen its controls to better prevent money laundering and financial crime.
NatWest last week pleaded guilty to failing to identify and prevent money laundering within the bank after the FCA launched an investigation into the bank.
The City watchdog also launched an investigation into Monzo, the digital bank, over potential money laundering breaches.