FCA and PSR Chair Charles Randell to Step down

The UK Financial Conduct Authority (FCA) announced on Friday that Charles Randell has asked the Chancellor of the Exchequer to commence the process to appoint his successor as Chair of the FCA and Payment Systems Regulator (PSR). Charles plans to resign in Spring 2022.

According to the announcement, under Charles’s leadership, the FCA has established a significant multi-year transformation programme to become a more proactive, data-led and forward-looking regulator. And it has managed to form a new executive team, which is formulating detailed strategies to support its transformation.

Additionally, the PSR significantly enhanced protections to prevent payment scams, including introducing the Confirmation of Payee. This year, the PSR proposed a strategy designed to make sure payment systems work well for the long-term and set out its interim findings in a competition case in the pre-paid cards market.

“I want to thank Charles for his work as Chairman of both the Financial Conduct Authority and the Payment Systems Regulator during this important period,” Rishi Sunak, the Chancellor of the Exchequer, commented.

“Both organisations undertake a vital role in ensuring that the UK financial markets work well, protecting the interests of consumers, promoting effective competition, and enhancing the integrity of the UK financial system. 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,” he added.