Charles Randell is to step down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in Spring 2022.

Randell took up the appointment as chair of the FCA and PSR boards in April 2018. The term of his appointment was 5 years.

The FCA said Randell has asked Rishi Sunak, the chancellor of the exchequer to begin the process of appointing his successor.

The FCA said that under Charles’s leadership as chair, the organisation had “established a significant multi-year transformation programme to become a more proactive, data-led and forward-looking regulator”.

It added that the FCA has successfully transitioned to a new executive team, which is rolling out detailed strategies to support its transformation.

Over the same period, the PSR significantly improved protections to prevent payment scams, the regulator said, including introducing the Confirmation of Payee.

The Chancellor of the Exchequer, Rishi 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 chief executive of the FCA.”

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.”

He added: “Being Chair of the FCA and PSR has been a great privilege.”

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