The Treasury has today (8 July) announced the appointment of Ashley Alder as the new chair of the Financial Conduct Authority.

Alder is currently chief executive officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011.

He also chairs the board of the International Organization of Securities Commissions and sits on the Financial Stability Board’s plenary and its steering committee.

Alder began his career as a lawyer in London in 1984 and practised in Hong Kong for more than 20 years.

He was executive director of the SFC’s corporate finance division from 2001 to 2004, before returning to private practice at Herbert Smith LLP, a law firm, as head of Asia.

Alder is expected to take up his role as FCA chair in January and is appointed for a five-year term.

Aidene Walsh will continue to chair the Payment Systems Regulator on an interim basis ahead of a permanent appointment and recruitment for that role will begin shortly.

The Treasury has also reappointed Dr Alice Maynard and Liam Coleman, who respectively chair the FCA’s audit and people committees, to the board for their second three-year terms.

Coleman was deputy chief executive officer and subsequently chief executive at The Co-operative Bank from May 2016 to July 2018. He is currently chairman of Great Western Hospitals NHS Foundation Trust.

Dr Maynard is a non-executive director on the board of HMRC and is a member of the Government Commercial Office Remuneration Committee.

FCA interim chair Richard Lloyd says: “We are looking forward to working with Ashley as he takes over the leadership of the FCA’s board next year. As the FCA continues to strengthen its vital work to protect consumers and our financial markets, his deep experience of leading a major international regulator will help us deliver our ambitious strategy for the future.”