The former boss of consumer group Which? is in line to take over as interim chairman of the Financial Conduct Authority in a sign that a permanent appointment is still some way off.
Richard Lloyd, who ran the consumer group for five years, could be announced as the interim chairman as early as this week, Sky News first reported.
Lloyd has served as a non-executive director at the FCA since April 2019 and will step into the chairman role left by Charles Randell in Spring.
The appointment of a temporary chairman to the role signals that the appointment of a full-time successor to Mr Randell is some way off
Lloyd will face the challenge of battling a employee backlash over plans to curb cash bonuses, revealed last week.
Staff voted on potential strike action over the plans which are part of a wider overhaul of the organisation being pushed through by chief executive Nikhil Rathi.
The former boss of the London Stock Exchange has been pushing through a wave of reforms since his appointment in 2020, after the FCA faced stinging criticism for its failure over a collapsed minibond issuer London Capital & Finance.
Rathi’s tenure has also seen the FCA grapple with crypto regulation and a clampdown on buy now pay later credit providers.