Former Which? executive Richard Lloyd has taken over as interim chair of the Financial Conduct Authority this morning.

The search is on for the next chair of the FCA after the regulator confirmed that current chair Charles Randell will hand over to interim chair Richard Lloyd from 1 June.

John Glen MP, Economic Secretary to the Treasury, has appointed consumer champion Richard Lloyd to the FCA board among a number of board appointments announced today.

An Independent Review has cleared the Financial Ombudsman Service of being unfit for purpose following a probe by Channel 4’s Dispatches programme earlier this year.