The Financial Conduct Authority’s Executive Director of Strategy and Competition, Christopher Woolard, has been selected as the Interim Chief Executive of the FCA. HM Treasury announced the appointment today as current FCA Chief Executive Andrew Bailey has been tapped to take over the role of Governor of the Bank of England.
Charles Randell, the FCA’s chair, issued the following statement on the news:
“I’m looking forward to working with Chris in his Interim Chief Executive role. I’m confident that he and Executive Committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.”
Woolard has been the Executive Director of Strategy and Competition and an Executive member of the FCA’s Board for some time now setting the tone for Britain’s emphasis on innovation in financial services as well as the need to foster competition in a sector of an industry that tends to be anchored in the past. Under Woolard’s leadership, the FCA has been recognized globally for its unique approach – one that seeks to benefit consumers and businesses by enabling younger financial services firms to compete against established firms.
The FCA is unique in the fact that it is one of the only financial service regulators that holds a competition mandate as part of its mission. It is widely recognized that the FCA’s support of innovation has helped to foster the most robust Fintech market in the world.
Woolard said he was delighted to take on the role:
“We have a huge job to do and I’m looking forward to working with the Board and colleagues across the FCA as we continue to deliver the FCA’s mission.”
HM Treasury said it will be running an open competition for the permanent Chief Executive and further details will be announced in due course.