FCA on lookout for new leader as chair signals exit
John Griffith-Jones, chairman of the UK financial services watchdog the Financial Conduct Authority (FCA) has confirmed that he will leave the organisation next March.
Griffith-Jones, who is also leaving his post as chair of the Payment Systems Regulator (PSR), was appointed as the first-ever FCA chair in April 2013. He became chair of the PSR when it was established in April 2014; his term of office at both organisations expires on 31 March 2018.
Griffith-Jones said in a statement announcing the decision: “I committed to a five year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape. It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe that I will leave both in good shape to regulate well in the future.”
The UK’s chancellor of the exchequer Philip Hammond MP, thanked Griffith-Jones for his work in providing a “a vital role” in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected. “John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”
HM Treasury will now commence the process for recruiting a new chair for the FCA with immediate effect.
On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).