Charles Randell will step down from his roles as chair of the Financial Conduct Authority and Payment Systems Regulator (PSR) in Spring 2022.
He asked the chancellor Rishi Sunak to start the process to appoint his successor.
Commenting on the development, Sunak said: “I want to thank Charles Randell for his work as chairman of both the Financial Conduct Authority and the Payment Systems Regulator during this important period.
“Both organisations undertake a vital role in ensuring that the UK financial markets work well, protecting the interests of consumers, promoting effective competition, and enhancing the integrity of the UK financial system.
“Charles has led both boards during the UK’s transition to our new position outside the EU, through the vital economic response to the Covid-19 pandemic and supporting the important transition following Nikhil Rathi’s arrival as new CEO of the FCA.”
Under Randell’s leadership, the FCA has initiated a multi-year transformation programme to become a more proactive, data-led and forward-looking regulator.
During this period, the regulator also tried to ensure minimal disruption to financial services following Brexit.
It also supported consumers and businesses through the pandemic.
It is now ensuring that financial markets support the transition to a low-carbon economy.
Randell said:“As the FCA prepares to implement its new wholesale, retail and data strategies under an established new executive, now is the right time for a new chair to carry on the close and continuous oversight of our transformation.
“During the pandemic, the FCA stood up for consumers and businesses, while the markets we oversee proved resilient, laying the foundations for record capital raising to support the recovery.
“The PSR has been working to ensure payment systems – the lifeblood of the economy – work well for all.
“Being chair of the FCA and PSR has been a great privilege.”
Charles Randell was appointed chair of the FCA and the PSR with effect from 1 April 2018
The Treasury will now commence the process for recruiting a new chair for both organisations.
