The United Kingdom’s Treasury confirmed on Friday the appointment of Ashley Alder as the new Chair of the Financial Conduct Authority (FCA). He is expected to take up the new role in January 2023 and has already stepped down as the CEO of Hong Kong’s Securities and Futures Commission.
Currently, the FCA is being led by Richard Lloyd in an interim capacity. The regulator, which oversees around 51,000 financial services firms and financial markets in the UK, was looking for a permanent replacement after the resignation of Charles Randell.
Previously, Alder was a contender for the post as the FCA’s CEO, but the commission appointed Nikhil Rathi to that post in 2020.
“It’s a great privilege to have the opportunity to Chair the FCA, whose core work is so vital to the financial health of consumers,” Alder said in a statement.
“I also value the opportunity to contribute to a crucial phase in the FCA’s history as it helps chart the UK’s post-Brexit future as a global financial center which continues to support innovation and competition through its own world-leading regulatory standards.”
Adler will be joining the British regulator after a long tenure with Hong Kong’s financial market supervisor, where he was the CEO from October 2011 until his recent resignation. Moreover, he is holding the position of elected Chair of the International Organisation of Securities Commissions.
“Ashley has been steadfast in his commitment and resolve in building a first-class regulatory framework with the highest standards to address the challenges and opportunities that Hong Kong face locally, regionally and globally,” SFC’s Chair, Tim Lui said.
Political Crisis in London
Adler’s appointment as the FCA apex came in the middle of a political turmoil in London’s Westminster. Boris Johnson recently resigned as the UK’s Prime Minister as his leadership was questioned. Earlier this week, Rishi Sunak stepped down as the Chancellor to protest Johnson’s leadership.
Further, the FCA is facing internal turmoil with rising complaints from its staff about their pay.
“I look forward to working with FCA colleagues as they deliver on their mission,” Alder added.
