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UK financial watchdog to name ex-Which? chief as interim chair – Sky

Britain’s financial regulator will name Richard Lloyd, who led UK consumer group Which? for five years, as its interim chairman, Sky News reported late on Monday.

Lloyd will replace Charles Randell as chairman of the Financial Conduct Authority (FCA) in a change that could be announced as early as this week, Sky said.

The development comes as the FCA undergoes an overhaul under CEO Nikhil Rathi, who revamped his executive team after an independent review said the watchdog botched the supervision of the now-collapsed investment company London Capital & Finance.

The FCA and the UK Treasury, which handle the recruitment process, declined to comment on the Sky report.

Meanwhile, British labour union Unite said on Tuesday 87% of its members at the FCA have voted in a non-binding ballot in favour of industrial action against proposed changes to pay packages. read more

Unite had said the FCA was planning sharp cuts to staff pay.

The regulator, which has had no previous cases of industrial action by its staff, has said nobody would have their basic pay reduced.

Reporting by Subhadeep Chakravarty; Editing by Shailesh Kuber and Uttaresh.V

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