Banking News

Former government adviser appointed to FCA chair

Former government adviser appointed to FCA chair

(9 January 2018 – United Kingdom) Former adviser to the British government during the banking crisis, Charles Randell, has been appointed chair of Britain’s Financial Conduct Authority (FCA) from April this year, for five years, the UK finance ministry announced.

Randell is an external member of the Bank of England’s Prudential Regulation Committee (PRC), which oversees the central bank’s banking supervision arm.

He advised Britain’s government on rescuing banks during the 2007-09 financial crisis which forced taxpayers to shore up several lenders.

“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,” British finance minister Philip Hammond said.

Randell takes over from John Griffith-Jones who was appointed for a 5-year term in 2013. Randell has resigned from the PRC and will leave before taking up his new three-days-a-week job at the watchdog, which is responsible for authorising exchanges, asset managers and consumer credit companies.

The FCA was launched in 2013 after its predecessor, the Financial Services Authority, was disbanded due to failing to spot the financial crisis coming.

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