London
19 June 2017
Reporter: Stephanie Palmer

FCA chair to step down


John Griffith-Jones, chairman of the UK’s Financial Conduct Authority (FCA) is set to step down from the role as his five-year term of office ends on 31 March 2018.

He will also step down from his role as chair of FCA subsidiary the Payments Systems Regulator (PSR).

Griffith-Jones was appointed as the first chairman of the FCA on 1 April 2013, when the organisation was established and became responsible for the supervision of all regulated financial firms.

He became chair of the PSR when it was established in April 2014. The regulator became operational in April 2015.

Griffith-Jones commented: “I committed to a five-year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape.”

“It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe that I will leave both in good shape to regulate well in the future.”

Chancellor Philip Hammond commented: “Both [the FCA and PSR] undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected.”

“John Griffith-Jones has provided strong leadership to both boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”

A new chair for the FCA will now be appointed following a process undertaken by HM Treasury. The new chair of the PSR will be appointed by the FCA, subject to approval from HM Treasury.

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