Ashley Alder, CEO of Hong Kong’s financial regulator, will be the next chairman of the UK’s Financial Conduct Authority (FCA), the Treasury confirmed on Friday.
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Alder will assume the role in January 2023, succeeding Richard Lloyd, who has served as interim chair since Charles Randell left in May. The former lawyer brings a wealth of experience in financial regulation, having overseen Hong Kong’s Securities and Futures Commission (FSC) since 2011.
The Block reported on Thursday that Alder was a frontrunner for the role, following a report from Sky News. HM Treasury confirmed the story today.
Alder said it would be great privilege to chair the FCA, adding that he he values “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 centre which continues to support innovation and competition through its own world-leading regulatory standards.”
The chair of the FCA plays a crucial role in the financial and economic regulation of Britain, monitoring the conduct of about 51,000 financial services firms and financial markets across the UK.
The appointment of a new chair requires the approval of both the chancellor and the prime minister. Still, amid ongoing uncertainty in Westminster, it is unclear when the confirmation will take place. The UK Treasury, which handles appointments to the FCA, didn’t immediately respond to a request for comment from The Block, nor did the FCA.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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