Charles Randell appointed new FCA chairman

Former Slaughter & May partner to take helm of FCA and PSR at the start of April.

Charles Randell has been appointed as the new chairman of the UK’s Financial Conduct Authority (FCA), replacing incumbent John Griffith-Jones on 1 April.

A statement from the UK Treasury detailed Randell will also chair the Payments Systems Regulator (PSR), the economic regulator for the UK’s payment systems industry.

“I’m very honoured to have the opportunity to chair the FCA and the PSR,” said Randell. “They do vital work in delivering a stable and trusted system of financial regulation which protects consumers while supporting innovation, competition and growth. I look forward to working with colleagues at both organisations as they continue their mission.”

Randell spent 25 years at international law firm Slaughter & May between 1989 and 2013, specialising in corporate finance law and leading projects on financial stability and bank restructuring.

He was also heavily involved in assisting the UK government in the aftermath of the 2007 global financial crisis, advising on resolution plans for Northern Rock, Bradford & Bingley and several Icelandic banks, as well as the government’s investments in the Royal Bank of Scotland.

Randell currently serves as an external member of the Prudential Regulation Committee (PRC), although according to the Bank of England, he had resigned from the position ahead of taking on his new roles with the FCA and PSR.

“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,” said UK chancellor, Phillip Hammond, of the appointment.