Charles Randell to step down as FCA chair

Randell has asked the chancellor of the exchequer to commence the process to appoint his successor.

The chancellor of the exchequer, Rishi Sunak, said: “I want to thank Charles Randell for his work as chairman of both the FCA and the PSR 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. 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 chief executive of the FCA.”

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.

“The PSR has been working to ensure payment systems – the lifeblood of the economy – work well for all.

“Being chair of the FCA and PSR has been a great privilege.”