The Financial Conduct Authority (FCA) will welcome a new chair when it celebrates its fifth founding anniversary on April Fool’s Day.
Replacing John Griffith-Jones at the end of his five-year term is Charles Randell CBE, a non-executive director and chair of audit and risk assurance committee at the Department for Business, Energy and Industrial Strategy. The incoming chair is also an external member of the Bank of England’s prudential regulation committee.
Randell, who became a Slaughter and May partner in 1989, worked at the law firm from 1980 to 2013. Specialising in corporate finance law, he handled financial stability and bank restructuring assignments.
The new FCA chair advised HM Treasury on the resolutions of Northern Rock, Bradford & Bingley and the Icelandic banks; the Government’s investments into RBS and the merged Lloyds/HBOS; and the Asset Protection Scheme. Randell is currently a visiting fellow in financial services regulation at Queen Mary University of London.
“I am very pleased to welcome Charles to the FCA,” said chief executive Andrew Bailey. “His experience of regulation, both during the financial crisis and more recently as a member of the prudential regulation committee, means 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.”
Meanwhile Griffith-Jones wishes Randell “every success” in the position.