FCA and PSR chair to step down

Charles Randell has announced his plans to step down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in spring 2022.

Under his leadership, the FCA has established a multi-year transformation programme to become a more proactive, data-led and forward-looking regulator, as well as successfully transitioned to a new executive team, which is rolling out strategies to support its transformation.

During this period, the FCA has also supported the UK’s departure from the EU and helped consumers and businesses through the pandemic, and is now working to ensure financial markets support the transition to a low-carbon economy.

In addition, throughout Charles’ time as chair, the PSR significantly improved 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.

“Being chair of the FCA and PSR has been a great privilege,” said Charles.

“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.”

Chancellor of the exchequer, Rishi Sunak, commented: “I want to thank Charles Randell for his work as chairman of both the FCA and the PSR during this important period.

“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.”

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