The chair of the Financial Conduct Authority, Charles Randell, will leave his position in Spring 2022, a year before the end of his appointed term.
Randell, who has held this post since April 2018, has asked the Chancellor Rishi Sunak to start the process to find a successor.
Randell is also chair of the Payment Systems Regulator and will also be leaving this role at the same time.
Announcing his resignation Randell said: “As the FCA prepares 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.
“Being chair of the FCA and PSR has been a great privilege. During the pandemic, the FCA stood up for consumers and businesses, while the markets we oversee proved resilient, laying the foundations for record capital raising to support the recovery.”
However his tenure was not without controversy and Randell was forced to apologise for the FCA’s role in failing to prevent the collapse of London Capital & Finance and the Connaught funds.
Sunak confirmed that HM Treasury would be looking to appoint a new chair. He said: “I want to thank Charles Randell for his work as Chairman of both the Financial Conduct Authority and the Payment Systems Regulator during this important period.
“Both organisations undertake a vital role in ensuring that the UK financial markets work well, protecting the interests of consumers, promoting effective competition, and enhancing the integrity of the UK financial system.”
As well as steering the FCA through the Covid pandemic, Randell chaired of the FCA board as the UK left the EU, and helped oversee the transition to its current CEO, Nikhil Rathi.
In previous speeches Randell has signalled that a new regulatory approach is needed post-Covid. The FCA has since published its transformation strategy which aims to deliver more streamlined decision making, faster enforcement and a tougher approach to authorisation.