UK Announces Interim Chairs of Financial Conduct Authority and Payment Systems Regulator

HM Treasury, which is the UK government’s economic and finance ministry (maintaining control over public spending, setting the direction of the nation’s economic policy and working to achieve strong and sustainable economic growth), announced that they have begun the search for a new Chairperson of the FCA.

While the search for Charles Randell’s successor concludes, Richard Lloyd OBE will reportedly serve as interim chairperson of the FCA from June 1, 2022. Aidene Walsh will be working as interim chair of the PSR from April 1, 2022.

Richard Lloyd OBE is presently the Senior Independent Director of the FCA Board, and is chair of the Independent Parliamentary Standards Authority and also the vice-chair of the Money and Mental Health Policy Institute. Previously, he has occupied executive roles at Which?, Consumers International and Shelter.

Aidene Walsh is presently a non-exec director of the PSR, and an executive director with Banking Competition Remedies Ltd (BCR), the organization formed to implement the Alternative Remedies Package of measures agreed between the UK government and the European Commission.

Before BCR, she was Chief Executive of The Fairbanking Foundation ​after serving in senior positions in global transaction banking.

Charles Randell stated:

“I am very pleased that both Richard and Aidene have agreed to Chair the FCA and PSR Boards on an interim basis while the search for my permanent successor concludes. I am confident that under their leadership both organisations will continue to deliver on their strategies to become more agile and assertive regulators.”

Richard Lloyd remarked:

“I’m honored to be asked to be interim chair of the FCA. The FCA Board is hugely grateful to Charles Randell for all that he has done over the last four years as chair. Charles is an outstanding public servant who has worked tirelessly to support consumers and businesses through the most turbulent of times. Under his leadership, wide-ranging improvements to the way the FCA does its job are already making a positive difference for the financial services industry and millions of people’s lives.”

Aidene Walsh added:

“The PSR Board and Executive team are extremely grateful to Charles for his leadership as Chair since 2018. He has taken the PSR on its development journey to a mature and robust regulator and has recently delivered its 5-year strategy and demonstrated that it will intervene to ensure good outcomes for users of payment systems. I am delighted to be asked to be interim chair building on the strong foundations Charles has set in what is a fast-evolving payments sector.”

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