Charles Randell, who plans to step down in Spring 2022, has asked Chancellor of the Exchequer Rishi Sunak to commence the succession process for the chairmanship at the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR).
“It has been a privilege to chair these organisations through a period when the UK has reshaped its international regulatory relationships and responded to the challenges of a global pandemic while the FCA has at the same time put in train a programme of wholesale transformation,” wrote Randell in his letter to the Chancellor.
In the correspondence, the former Slaughter and May partner highlighted the ongoing transformation of the FCA. Randell, however, conceded that the initiative would not be complete by the end of his term in 2023.
He told Sunak: “As our newly established executive team begin to roll out their strategies next year to complete the transformation of the FCA, it is the right time to hand over the oversight of the rest of the transformation programme to a chair who can see it through to completion.”
Commenting on his imminent exit, Randell added that the FCA “stood up” for consumers and businesses during the pandemic, while the PSR has been working to ensure payment systems work well for all.
Randell became chair of both regulators in April 2018, supposedly for a term of five years.
“I want to thank Charles Randell for his work as chairman of both the Financial Conduct Authority and the Payment Systems Regulator during this important period,” stated Sunak. “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 (European Union), 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.”
It was noted that Randell will not be moving to any other position.
