He has also been appointed as chair of the Payments Systems Regulator (PSR) by the FCA, with both roles effective from 1 April 2018 for a five-year term.
Randell will take over from current chair John Griffith-Jones, who announced in June last year that he would be stepping down after serving his five years. He said he was “delighted” that Randell is his successor, adding “I wish him every success in the role”.
Randell said: “I’m very honoured to have the opportunity to chair the FCA and the PSR. They do vital work in delivering a stable and trusted system of financial regulation which protects consumers while supporting innovation, competition and growth.
“I look forward to working with colleagues at both organisations as they continue their mission.”
Currently, Randell sits as an external member of the Bank of England’s Prudential Regulation Committee and as a non-executive board member of the Department for Business, Energy and Industrial Strategy.
Prior to this, he was a lawyer at Slaughter and May, from 1980 to 2013, and became a partner in 1989.
Additionally, he advised the Treasury on the resolution of issues with Northern Rock, Bradford & Bingley and the Icelandic banks, as well as the government’s investments into RBS and the merger of Lloyds and HBOS.
Andrew Bailey, FCA chief executive, said: “I am very pleased to welcome Charles to the FCA. His experience of regulation, both during the financial crisis and more recently as a member of the Prudential Regulation Committee, mean that he has a strong understanding of the challenges that the FCA faces and I look forward to tackling these with him in his new role.”
Chancellor Philip Hammond also commented: “I am delighted to appoint Charles Randell as chair of the FCA. Charles has a wealth of relevant experience, and I am sure that he will prove to be a strong leader at this very important time.”
