Charles Randell named the Head for British Finance Watchdog
Charles Randell has been named by the finance ministry as the chair of Britain’s Financial Conduct Authority.
Charles Randell was a former partner at a global law firm named Slaughter & May. His in tray will be full since he will be helping the financial services sector in Britain to absorb the shock of leaving the European Union.
Finance jobs in UK are at a great risk due to Brexit. Randell is taking over from John Griffith-Jones who is completing his five-year term.
He has plenty of experience having worked as a regulator at Prudential Regulation Committee which is in charge of Bank of England’s banking supervision department. Between 2007 and 2009, he worked as a government adviser. This was during the financial crisis.
Randell advised ministers on investments into the Royal Bank of Scotland as well as the acquisition of HBOs by Lloyds. He also advised on Portugal’s recapitalization in its banking sector.
At PRC, Randell will be working for three days every week and his job involves authorizing asset managers, exchanges and consumer credit companies among other duties.
By heading PRC, Randell will be at the helm of regulating Europe’s most important financial center. He will face pressure towards making the city of London more competitive.
Randell will be working alongside Andrew Bailey who also came from Bank of England and is the current chief executive officer. He said the following about Randell: “His experience of regulation, both during the financial crisis and more recently as a member of the Prudential Regulation Committee, mean that he has a strong understanding of the challenges that the FCA faces and I look forward to tackling these with him in his new role,”
The Treasury Select committee may grill Randell before he takes the chairman’s position at the financial watchdog.
The British lawmakers gave Griffith-Jones a rough ride telling him that he lacked proper (read: deep) experience to handle the job before him.
