HM Treasury has appointed Charles Randell as the new chair of the Financial Conduct Authority (FCA).

He will take up the role on 1 April 2018, on a five year term, when John Griffith-Jones, the current chairman of the FCA will step down.

Griffith-Jones was first appointed to the FCA as chair on 1 April 2013. His term was for five years, and in June last year he announced his intentions to leave the organisation at the end of this period.  His time at the FCA saw it expand its scope to include regulating the consumer credit industry, including motor finance. His has not been without its controversy, however, with his time as chairman at KPMG when the firm auditor of HBOS in the run up to the recession often brought up.

He commented: “I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role.”

Randell is currently an external member of the Prudential Regulation Committee of the Bank of England and a non-executive board member of the Department for Business, Energy and Industrial Strategy.

Before this, he worked at Slaughter and May from 1980 to 2013, becoming a partner in 1989. This time included advising the Treasury on the resolutions of Northern Rock, Bradford & Bingley and the Icelandic banks; the Government’s investments into RBS and the merged Lloyds/HBOS; and the Asset Protection Scheme.

Andrew Bailey, FCA chief executive said: “I am very pleased to welcome Charles to the FCA. His experience of regulation, both during the financial crisis and more recently as a member of the Prudential Regulation Committee, mean that he has a strong understanding of the challenges that the FCA faces and I look forward to tackling these with him in his new role.”