Charles Randall, who plans to resign in the spring of 2022, has requested Ishishi Sunak, Chancellor of the Exchequer, to begin the process of inheriting the chairmanship of the Monetary Authority (FCA) and the Payment Systems Regulator (PSR).
“The presidency of these organizations was a special opportunity during this period when the UK rebuilt its international regulatory relations and responded to global epidemic challenges, while the FCA at the same time put in place a program of wholesale conversions on trains,” Randall wrote in his letter to the Chancellor.
In the letter, the former Slater and May partner highlighted the ongoing transformation of the FCA. Randall, however, acknowledged that the initiative would not be completed until his term expires in 20223.
He told Sunak: “As our newly formed executive team begins to develop their strategies for completing the transformation of the FCA next year, it is time to hand over the oversight of the rest of the transformation program to the right chair. It is through completion. “
Commenting on his impending departure, Randall added that the FCA “stood” for consumers and businesses during the epidemic, while working to ensure that the PSR payment system works well for all.
Randall became chairman of both regulators in April 2018, presumably for five years.
“I would like to thank Charles Randall for serving as chairman of both the Financial Conduct Authority and the Payments System Regulator at this crucial time,” Sunak said. “Both institutions ensure that the UK financial markets function well, protect the interests of consumers, promote effective competition and play a key role in 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 significant economic responses to the Covid-1 pandemic epidemic, and in supporting significant change since the arrival of Nikhil Rathi as the new CEO of the FCA.”
It was mentioned that Randall would not be transferred to any other position.