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FCA unveils new chair

By 08/07/2022No Comments
FCA unveils new chair

HM Treasury has appointed seasoned financial industry leader Ashley Alder as the new chair of the Financial Conduct Authority (FCA), effective in January 2023.

Alder began his career as a lawyer in London in 1984 and practised in Hong Kong for over 20 years. From 2001 to 2004, he served as the executive director of the Securities and Futures Commission (FSC) and then returned to private practice at Herbert Smith LLP as head of Asia.

Alder has been the CEO of the Securities and Futures Commission (SFC) in Hong Kong since 2011. He is also the chair of the board of the International Organization of Securities Commissions (IOSCO) and a member of the Financial Stability Board’s Plenary and its Steering Committee.

Alder’s appointment as the FCA chair for a five-year term is part of the FCA’s new strategy to improve outcomes for consumers and markets throughout the UK beginning in April 2023.

Richard Lloyd, who has been the interim chair of the FCA since June 1, 2022, commented: “We are looking forward to working with Ashley as he takes over the leadership of the FCA’s board next year. As the FCA continues to strengthen its vital work to protect consumers and our financial markets, his deep experience leading a major international regulator will help us deliver our ambitious strategy for the future.”

HM Treasury has also reappointed Dr Alice Maynard and Liam Coleman, who chair the FCA’s audit and people committees, respectively, to the FCA board for their second three-year terms.

Dr Maynard is a non-executive director on the HMRC Board and a member of the Government Commercial Office Remuneration Committee. Meanwhile, Coleman was the deputy CEO and subsequently CEO at The Co-operative Bank plc from May 2016 to July 2018. Currently, he is the chairman of Great Western Hospitals NHS Foundation Trust.