Former Which? boss Richard Lloyd will take up the mantle as interim chair of the Financial Conduct Authority.
Outgoing chair Charles Randell announced in October he was cutting his time as chair of the City watchdog short and exiting in the spring, a year before his five-year term was due to end.
The hunt for his replacement has been under close scrutiny, as the FCA tries to make good on its transformation programme to be a more data-driven and “proactive” regulator after being marred by a series of scandals, including the implosion of Neil Woodford’s equity income fund.
HM Treasury, which is conducting the search, has been urged to ensure the process is “open and transparent” so the role does not go to “another conflicted City insider”.
Lloyd, who will succeed Randell temporarily from 1 June 2022, spent five years as the head of consumer watchdog Which?. He is currently a senior independent director on the FCA’s board, and is chair of the Independent Parliamentary Standards Authority and vice-chair of the Money and Mental Health Policy Institute.
Separately, the FCA said Aidene Walsh would take over as interim chair of the PSR from April, a role Randell had held since 2018. She is a non-executive director of the PSR and an executive director with Banking Competition Remedies.
The appointments come at a tumultuous time for the FCA, which is in the midst of a staff revolt over proposed pay reform measures.
Randell said: “I am very pleased that both Richard and Aidene have agreed to chair the FCA and PSR Boards on an interim basis while the search for my permanent successor concludes. I am confident that under their leadership both organisations will continue to deliver on their strategies to become more agile and assertive regulators.”
Lloyd called Randell “an outstanding public servant who has worked tirelessly to support consumers and businesses throughout the most turbulent of times”.