Charles Randell has been named as the new chair of the Financial Conduct Authority (FCA) with effect from 1st April.
Randell will serve a five year term and takes over from John Griffith-Jones, the current chairman, who took up the role five years previously.
Under Griffith-Jones, the FCA significantly broadened its scope to include regulating the consumer credit industry, including motor finance.
Randell is an external member of the Prudential Regulation Committee of the Bank of England, and serves as a non-executive board member of the Department for Business, Energy and Industrial Strategy. His background includes 33 years' service at Slaughter and May from 1980 to 2013, a firm of which he became a partner in 1989. During this period Randell wa consulted by HM Treasury regarding Northern Rock, Bradford & Bingley and the Icelandic banks, the the Asset Protection Scheme, and the Government’s investments into RBS and Lloyds/HBOS.
FCA chief executive Andrew Bailey said, “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.”
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