On 15 October 2021, the FCA published a press release regarding Charles Randell stepping down as chair of the Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) in spring 2022.

Charles Randell has sent a letter to Rishi Sunak, Chancellor of the Exchequer asking him to begin the process of appointing his successor.

During Mr Randell’s time as chair of the FCA and PSR:

  • The FCA has established a significant multi-year transformation programme to become a more proactive, data-led and forward-looking regulator. It has successfully transitioned to a new executive team to achieve this.
  • The FCA also supported the UK’s departure from the EU with minimal disruption to financial services, supported consumers and businesses throughout the pandemic and is supporting financial markets in the transition to a low-carbon economy.
  • The PSR significantly improved protections to prevent payment scams, including the introduction of confirmation of payee. This year, the PSR proposed a strategy to ensure payment systems work well for the long-term and set out its interim findings in a competition case in the pre-paid cards market.