Letter to Charles Randell CBE from the Chancellor 15 October 2021
Published 15 October 2021
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Charles Randell CBE Chairman Financial Conduct Authority and Payment Systems Regulator 12 Endeavour Square London E20 1JN
Dear Charles,
FCA CHAIR SUCCESSION PLANNING
Thank you for your letter of 15 October asking me to commence the process to appoint your successor as Chair of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) and setting out your intention to leave both organisations in Spring 2022.
Both organisations undertake a vital role to ensure that the UK financial markets work well and that the interests of consumers and users of those markets are protected.
In particular, the FCA was integral in supporting the UK’s departure from the EU with a minimal disruption to financial services. The FCA is now also playing an important role as the UK looks to tailor its regulatory approach to financial services to reflect our position outside the EU, while ensuring that we maintain high regulatory standards.
The FCA also intervened swiftly as part of the wider economic response to the Covid-19 pandemic. Working with industry and the government, this helped ensure payment holidays on mortgages and credit products were made available to consumers. The FCA also secured clarity for small businesses with respect to business interruption insurance to cover pandemic-related losses.
Most significantly, the FCA set in train a multi-year Transformation Programme in 2019 - implementation and development has accelerated following Nikhil Rathi’s arrival as Chief Executive last year. A new executive team has been established to lead the organisation, who are now driving forward the changes necessary to deliver the Programme.
The PSR has also developed its standing as an economic regulator during your tenure as Chair. During a period of significant change for the payments industry, the PSR has played an important role in ensuring that there is effective competition in the payment systems market and has driven forward significant changes in access to the payment systems that it regulates. The PSR has also played an important role in the future strategy for payment systems as set out in the recent government response to the Payments Landscape Review.
I am grateful for all that you have done to lead the Boards of both organisations during this important and extremely challenging period.
Best wishes,
RISHI SUNAK
[Signed]