Charles Randell, a former partner at law firm Slaughter & May, has today been appointed chair of the Financial Conduct Authority from 1 April.

He has also been appointed as the chair of the Payments Systems Regulator (PSR), the regulator for the UK’s payment systems industry, from the same date. He will replace the outgoing chair of the FCA and PSR, John Griffith-Jones.

Mr Randell is currently an external member of the Bank of England’s Prudential Regulation Committee (PRC) and a non-executive board member of the Department for Business, Energy and Industrial Strategy (BEIS).

He has resigned as an external member of the Bank of England’s Prudential Regulation Committee and will leave this position before joining the FCA and PSR. HM Treasury and the Bank of England will begin recruiting a successor soon.

He began his career in law and before joining the PRC, he was a partner at international law firm Slaughter & May where he specialised in corporate finance law and led projects on financial stability and bank restructuring. He is also a visiting Fellow at Queen Mary University of London.

He said: “I’m very honoured to have the opportunity to chair the FCA and the PSR. They do vital work in delivering a stable and trusted system of financial regulation which protects consumers while supporting innovation, competition and growth. I look forward to working with colleagues at both organisations as they continue their mission.

Chancellor of the Exchequer Philip Hammond, said: “I am delighted to appoint Charles Randell as chair of the FCA. Charles has a wealth of relevant experience, and I am sure that he will prove to be a strong leader at this very important time.

“I would like to thank the outgoing chair, John Griffith-Jones, for his service. He has been instrumental in establishing the FCA and PSR as highly effective organisations which are critical parts of the UK financial regulatory system. I wish him all the best for the future.”

John Griffith-Jones has been the chair of the FCA since its formation in April 2013, and the chair of the PSR since its formation in April 2014.

Mr Griffith-Jones said: “I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role.”