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FCA chairman to step down

FCA chairman John Griffith-Jones is to step down from his role at the regulator next year.

In a joint statement published yesterday, the FCA and the Treasury say Griffith-Jones will leave the FCA on 31 March, the end of his five-year term.

He will also step down from his role as chairman of the Payment Systems Regulator at the same time.

Griffith-Jones was appointed as the first FCA chairman when the new regulator was set up in April 2013.

He faced repeated calls to resign after KPMG, which he chaired prior to joining the FCA, failed to flag significant losses incurred by HBOS during an audit.

The bank was subsequently taken over by Lloyds Bank of Scotland during the financial crisis.

He has also previously floated the idea of a “no claims bonus” on Financial Services Compensation Scheme levies, though it was not clear how this would work in practice.

Griffith-Jones says: “I committed to a five-year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape.

“It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe I will leave both in good shape to regulate well in the future.”

Chancellor Philip Hammond says: “John Griffith-Jones has provided strong leadership to the FCA and PSR boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”

The Treasury will now start the recruitment process for a new FCA chair.

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