January 5, 2018 / 10:29 AM / in 9 months

Banking crisis adviser named as new head of UK markets watchdog

LONDON, Jan 5 (Reuters) - Charles Randell, a former adviser to the government during the banking crisis, has been appointed chair of Britain’s Financial Conduct Authority from April for five years, the UK finance ministry said on Friday.

Randell, also a former partner at international law firm Slaughter & May, is an external member of the Bank of England’s Prudential Regulation Committee (PRC), which oversees the central bank’s banking supervision arm.

He advised Britain’s government on rescuing banks during the 2007-09 financial crisis which forced taxpayers to shore up several lenders.

“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,” British finance minister Philip Hammond said in a statement.

Randell takes over from John Griffith-Jones who was appointed for a 5-year term in 2013. Randell has resigned from the PRC and will leave before taking up his new three-days-a-week job at the watchdog, which is responsible for authorising exchanges, asset managers and consumer credit companies.

The FCA was launched in 2013 after its predecessor, the Financial Services Authority, was disbanded due to failing to spot the financial crisis coming.

Reporting by Huw Jones; Editing by Elaine Hardcastle

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