Former Slaughter and May partner Charles Randell has been named the new chair of the Financial Conduct Authority (FCA), and will take up the role from 1 April.
He has also been appointed as the chair of UK's payment systems industry regulator, the Payments Systems Regulator (PSR), and will take up the post on the same date.
Randell has been an external member of the Bank of England's Prudential Regulation Committee (PRC) and is a non-executive board member of the Department for Business, Energy and Industrial Strategy. He has resigned from the BoE post and will leave the position before taking up his two new roles.
BoE governor Mark Carney said: "Charles has been a highly valued member of the PRC since its establishment (originally as the PRA Board in 2013). Drawing on his deep expertise in corporate finance and sound judgement, Charles has helped guide the PRA’s most important policy and supervisory decisions. His governance expertise has also made an important contribution to the PRA’s development.
"Although he will be sorely missed, I am very pleased that he is willing to serve as the chair of the FCA board at this important juncture for that organisation and UK financial services, more generally.”
He takes over from the outgoing chair of the FCA and PSR, John Griffith-Jones, who has been the chair of the FCA since its formation in April 2013, and the chair of the PSR since its creation a year later.
Before joining the PRC, Randell was a partner at international law firm Slaughter & May, specialising in corporate finance law and leading projects on financial stability and bank restructuring.
FCA chief executive Andrew Bailey said Randell's experience of regulation means "he has a strong understanding of the challenges that the FCA faces".
I’m very honoured to have the opportunity to chair the FCA and the PSR.
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.
Chancellor of the Exchequer, Philip Hammond, said:
I am delighted to appoint Charles Randell as chair of the FCA. 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.
I would like to thank the outgoing chair, John Griffith-Jones, for his service. He has been instrumental in establishing the FCA and PSR as highly effective organisations which are critical parts of the UK financial regulatory system. I wish him all the best for the future.