He will take over from Andrew Bailey who will become the governor of the Bank of England on 16 March 2020.

Chris is currently the FCA’s executive director of strategy and competition and an executive member of the FCA’s board.

Charles Randell, the FCA’s chair, said: “I’m looking forward to working with Chris in his interim chief executive role.

“I’m confident that he and executive committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.”

Commenting on his appointment Chris Woolard said: “I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the board and colleagues across the FCA as we continue to deliver the FCA’s mission.”

Chris joined the Financial Services Authority in 2013, to help lead the creation of the FCA. Before that, he worked at Ofcom (2009-2012), the BBC (2005-2009) and the civil service (1995-2005).

He is also currently a non-executive member of the Payment Systems Regulator Board.

HM Treasury will be running an open competition for the permanent chief executive role.