The Treasury has named Bank of England adviser and former lawyer Charles Randell to succeed John Griffith-Jones as chairman of the UK’s Financial Conduct Authority.
Randell, who currently sits on the BoE’s Prudential Regulation Committee and is a non-executive board member at the UK’s Department for Business, Energy and Industrial Strategy, is a lawyer by training, and worked at Slaughter and May from 1980 to 2013, becoming a partner in 1989.
He specialised in corporate finance law, and worked on financial stability and bank restructuring assignments, according to an FCA statement announcing his appointment.
Among the matters he has been involved with, the statement noted, was HM Treasury’s resolutions of with respect to Northern Rock, Bradford & Bingley and the Icelandic banks, in the wake of the financial crisis in 2008; the UK government’s investments in RBS, and the merged Lloyds/HBOS deal; and the so-called asset protection scheme, which was launched in 2009 to help UK banks with their bad loans.
Randell also advised the Portuguese Ministry of Finance on the recapitalisation of the Portuguese banking sector.
He is a member of Prudential Regulation Committee of the BoE; a non-executive director and chair of Audit and Risk Assurance Committee, department for Business, Energy and Industrial Strategy; and a visiting fellow in financial services regulation at Queen Mary University of London.
Randell will take up his new role on 1 April.
Griffith-Jones announced his intention to step down from his FCA post in June, after serving his five-year term.