Charles Randell has asked the Chancellor of the Exchequer to start the process to appoint his successor as chairman of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).
Randell, who previously worked as a partner at law firm Slaughter and May from 1989 to 2013, became chairman of both organisations back in April 2018. His term was for five years but he plans to step down a year earlier next spring.
The FCA confirmed Randall (pictured) will be leaving the organisation and will not be moving to any other position.
Chancellor Rishi Sunak thanked Randall for his work in the roles.
“Both organisations undertake a vital role in ensuring the UK financial markets work well, protecting the interests of consumers, promoting effective competition, and enhancing the integrity of the UK financial system,” Sunak said.
“Charles has led both boards during the UK’s transition to our new position outside the EU, through the vital economic response to the Covid-19 pandemic and supporting the important transition following Nikhil Rathi’s arrival as new CEO of the FCA.”
Randell added: “As the FCA prepares to implement its new wholesale, retail and data strategies under an established new executive, now is the right time for a new chairperson to carry on the close and continuous oversight of our transformation.
“During the pandemic, the FCA stood up for consumers and businesses, while the markets we oversee proved resilient, laying the foundations for record capital raising to support the recovery.
“Being chairman of the FCA and PSR has been a great privilege.”
