(Alliance News) - The UK Financial Conduct Authority said Friday its chair, Charles Randell, has handed in his notice to Chancellor of the Exchequer Rishi Sunak.
The watchdog said Randell plans to step down in the spring of 2022, which is a year earlier than his term expires. Randell also will be leaving his leadership role of the Payment Systems Regulator.
"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," Sunak said in a statement.
"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. 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 CEO of the FCA," Sunak added.
Rathi was hired as chief executive of the FCA in June of 2020 from London Stock Exchange Group PLC, replacing Andrew Bailey - who left to be governor of the Bank of England.
Randell took up his role as chair of the FCA and PSR in April 2018. The term for the appointment was five years, so he will be leaving a year early.
"Under Charles's leadership as chair, the FCA has established a significant multi-year transformation programme to become a more proactive, data-led and forward-looking regulator. The FCA has successfully transitioned to a new executive team, which is rolling out detailed strategies to support its transformation," the regulator said.
The FCA on Friday did not mention its plan to replace Randell.
By Paul McGowan; paulmcgowan@alliancenews.com
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