The current chair of the UK’s Financial Conduct Authority (FCA), Charles Randell, has announced his resignation from the regulatory body. Reports state that Randell will leave his top post at the body in the spring of next year.
Besides leaving the FCA, Randell will also resign as the Payments Systems Regulator (PSR) chairman.
Resignation Follows Leaked Internal Communications
The resignation of Randell comes after several leaked internal communication showing that employees working for the regulatory body were unhappy. The leaked chats show that the FCA’s employees were frustrated by their bosses, which reduced the workplace morale.
In his resignation statement, Randell stated that “as the FCA prepared 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.
Randell has been holding the apex position at the regulatory body since 2018. He has led the agency through the impacts of Covid-19 on the financial markets. He also led the regulatory body during the intense Brexit event that reshaped the UK’s financial markets and called for fresh licenses of firms.
In his resignation statement, he also talked of how the regulatory body was there for businesses and individuals, and like the rest of the market, continued showing resilience. He also stated that the FCA had played an integral role in raising capital to recover financial markets ravaged by the pandemic.
The regulatory body also stated that following his resignation, Randell would not take any other position at the regulatory body.
Randell Applauded for his Role at the FCA
The work that Randell has done with the regulatory body has been applauded by notable figures in the UK financial systems. Rishi Sunak, the Chancellor of the Exchequer, commended Randell for his role working at both the FCA and a regulator of the Payment Systems.
He also noted that Randell headed two vital organisations that facilitated the smooth running of the UK’s financial markets. Some of the tasks he had in his apex position included protecting investors, promoting a friendly regulatory climate and maintaining the integrity of the UK’s financial systems.
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,” Sunak added.
