One of the Treasury’s most influential advisers during the banking crisis has been announced as the new chair of the Financial Conduct Authority (FCA).
The Treasury has announced this week the appointment of Charles Randell CBE. He 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.
Randell worked at Slaughter and May from 1980 to 2013, becoming a partner in 1989. He specialised in corporate finance law, and worked on financial stability and bank restructuring assignments.
He advised 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. Randell also advised the Portuguese Ministry of Finance on the recapitalisation of the Portuguese banking sector.
He will take up the FCA role on April 1, beginning a five-year term.
FCA chief executive Andrew Bailey 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 the FCA faces and I look forward to tackling these with him.”