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Screenshot of a breaking news alert e-mail from Q2 2017
John Griffith-Jones, Chairman of UK financial regulator the Financial Conduct Authority (FCA) as well as of the spun-out payment systems regulator the Payment Systems Regulator (PSR), has announced that he will leave both organisations at the end of his term of office, on March 31, 2018.
No replacement for Mr. Griffith-Jones has yet been named. HM Treasury stated that it will now commence the process for recruiting a new Chair for the FCA, as well as the PSR.
In remarks posted on the FCA website, John Griffith-Jones commented:
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 that I will leave both in good shape to regulate well in the future.
John Griffith-Jones was appointed as the first FCA Chair in April 2013. He later became Chair of the PSR when it was established in April 2014; his term of office at both organisations expires on March 31, 2018. Before heading the UK regulatory apparatus, Mr. Griffith-Jones was Chairman of KPMG Europe from 2006 to 2012.
The Chancellor of the Exchequer, the Rt Hon Philip Hammond MP, commented:
I want to thank John Griffith-Jones for his work as Chairman of both the Financial Conduct Authority and the Payment Systems Regulator.
Both undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected. John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.
HM Treasury will now commence the process for recruiting a new Chair for the FCA.