FCA chair Griffith-Jones to depart March 2018

HM Treasury will now begin the search for a new chair of the FCA.

The chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) has confirmed plans to depart both watchdogs in March next year.

John Griffith-Jones began his time as chairman at the FCA in April 2013 and then became chairman of its subsidiary, the PSR, when it was established in April 2014.

He worked at KPMG from 1975 to 2012, having spent 11 years in audit and 15 years in corporate finance before becoming CEO of KPMG’s UK business in 2006.

Griffith-Jones explained he committed to a five-year fixed-term to chair the FCA and to help ensure the conduct regulator became a respected part of the UK financial landscape.

“It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR.  I like to believe that I will leave both in good shape to regulate well in the future,” he added.

The Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, commented Griffith-Jones provided strong leadership to both boards during his tenure.

“Both undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected,” Hammond said.

HM Treasury will now begin the process for recruiting a new chair for the FCA.