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Chair of UK markets watchdog to step down early

Charles Randell, chair of Britain’s Financial Conduct Authority (FCA), said on Friday he would leave the watchdog next spring, a year short of his five-year term after helping markets to navigate Brexit and the coronavirus pandemic.

“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,” Randell said in a statement.

Nikhil Rathi, the former finance ministry official who became chief executive of the FCA last October, is pushing through an internal shake-up following heavy criticism over the watchdog’s handling of collapsed investment firm London Capital & Finance.

The finance ministry said it would start the process of recruiting a new chair.

Reporting by Huw Jones Editing by Mark Potter

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