FCA Chair Charles Randell Resigns

FCA Chair Charles Randell Resigns

October 15, 2021

Charles Randell, the current Chair of the Financial Conduct Authority (FCA), has resigned from the apex regulatory position and is planning to leave the post in Spring 2022. He will also step down as the Chair of the Payment Systems Regulator (PSR).

His resignation came after leaked internal chats showed FCA staff’s frustration against their bosses. They found the regulator an unhappy workplace that decimated morale.

“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 Chair to carry on the close and continuous oversight of our transformation,” Randell wrote in a statement.

Led the Regulator through Some Crucial Times

He joined the British regulator in 2018 in the top position and led the agency through some of the major events like Brexit and the unexpected impact of Covid-19 on the financial markets.

“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,” Randell added.

“The PSR has been working to ensure payment systems – the lifeblood of the economy – work well for all.”

The official announcement of the regulatory further clarified that Randell will not take any other appointment with the financial market watchdog.

Rishi Sunak, the Chancellor of the Exchequer, said: “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.”

“Both organizations 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.”

Source: Read Full Article