Charles Randell will step down from his position as Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) chair in spring 2022.

Randell, who was appointed as chair of both bodies in April 2018 with a term of five years, today (15 October) wrote to the Chancellor of the Exchequer, Rishi Sunak, to commence the process to appoint his successor.

During his time as chair, the regulator established a “significant multi-year transformation programme” and transitioned to a new executive team, as well as supporting the UK’s departure from the EU with “minimal disruption to financial services”, according to the FCA.

Commenting on the news, Sunak said: "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."

Adding to this, Randell commented: "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.

"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.

"The PSR has been working to ensure payment systems – the lifeblood of the economy – work well for all. Being chair of the FCA and PSR has been a great privilege."

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