Head of Hong Kong’s financial regulator in line for role in Britain: Sky News
Quick Take
- The UK’s Financial Conduct Authority could have a new chair, according to Sky News.
- Former chair Charles Randell vacated the role earlier this year after just over three years in charge.
- Any confirmation could face delays as the British government is in tumult.
Ashley Alder, CEO of Hong Kong’s financial regulator, is the leading candidate to become the next chairman of the UK's Financial Conduct Authority (FCA), Sky News reported on Thursday.
Charles Randell announced in October 2021 that he intended to leave his role as chairman of the FCA, after assuming the position — in conjunction with the Payment System Regulator position — in 2018. Richard Loyd has been interim chair since Randell’s departure in the Spring.
Alder has served over ten years as head of Hong Kong’s financial watchdog, the Securities and Futures Commission (FSC), while also chairing the International Organisation of Securities Commissions.
The chair of the FCA plays a vital role in the economic regulation of Britain and the appointment of a new chair requires the approval of both the Chancellor and the Prime Minister. However, due to the latest developments in Westminister may block any confirmation in the near future.
Earlier this week Rishi Sunak, former Chancellor of the exchequer, stepped down from his role in light of fresh scandals facing the beleaguered Prime Minister of Britain Boris Johnson. Since then Johnson has announced Sunak’s replacement, only for him to step down a day later, seen 60 members of parliament resign and announced his impending resignation.
The UK Treasury, which handles appointments to the FCA, didn't immediately respond to a request for comment from The Block.
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