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Chair of UK markets watchdog to step down early By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – Charles Randell (Chair of the Financial Conduct Authority, FCA), speaks during Reuters Newsmaker, London, UK, July 11, 2018. REUTERS/Hannah McKay

LONDON (Reuters] – Charles Randell is the chair of Britain’s Financial Conduct Authority (FCA) and he announced on Friday that he was leaving the organisation next spring. His five-year tenure ended after assisting markets with Brexit negotiations.

Randell released a statement saying that “As FCA prepares for implementation of its new wholesale, data, and retail strategies under an established executive, now is a good time for a chair to continue the close and constant oversight of our transformaion.”

Nikhil Rathi, the former finance ministry official who became chief executive of the FCA last October, is pushing through an internal shake-up following heavy criticism over the watchdog’s handling of collapsed investment firm London Capital & Finance.

According to the finance ministry, it will begin recruiting for a chair.

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