UK’s FCA chairman steps down, successor search begins

John Griffith-Jones, chairman of the Financial Conduct Authority (FCA), has confirmed that he will leave the organisations at the end of his term of office, on 31 March 2018.

“I committed to a five year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape,” Griffith-Jones said.

The FCA was formed in April 2013 after its predecessor organisation, the Financial Services Authority, was split into the FCA and the Prudential Regulation Authority.

Griffith-Jones was appointed as the first FCA chair with effect from 1 April 2013.

The FCA is the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.

The Chancellor of the Exchequer, Philip Hammond MP, commented: “I want to thank John Griffith-Jones for his work as chairman of both the Financial Conduct Authority and the Payment Systems Regulator.

“Both undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected. John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”

HM Treasury will now commence the process for recruiting a new chair for the FCA.

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