There is a change of face at the UK’s Financial Conduct Authority (FCA), with Ashley Alder, former CEO of Hong Kong’s Financial Regulator, taking over as Chair.
Ashley Alder becomes Chair of the FCA
Ashley Alder has been appointed as the new Chair of the Financial Conduct Authority, taking over from the current Interim Chair.
Charles Randell left office in May, and to avoid leaving such an important role vacant, an Interim chairmanship was chosen until the natural expiration of the term in which a new Chair would be elected.
The honor of Interim Chair had fallen to Richard Lloyd, who has now passed the baton to former lawyer Ashley Adler.
The newly elected Chair was picked after a heated two-way race and came out on top thanks in part to a Sky News report that was able to highlight his strengths.
Alder will take office in January 2023. In the meantime, he is serving as supervisor of the Securities and Futures Commission (FSC) in Hong Kong.
The role has been his since 2011 before a flourishing career as a lawyer. Now this upgrade in the City of London will see him take center stage on another global finance board.
The Chair of the Financial Conduct Authority oversees and monitors the performance of about 51,000 financial services firms and financial markets across the United Kingdom.
This makes the position held by Alder a crucial pawn in charting the country’s path through this crisis and its future resurgence.
Ashley Alder’s revelations
Upon hearing the news, Alder commented on the FCA’s new course at its helm with these words
“The opportunity to contribute to a pivotal stage in FCA’s history as it helps to chart the UK’s future after Brexit as a global financial center that continues to support innovation and competition through its world-leading regulatory standards”.
Highlighting London’s future in global finance as bright.
According to the newly appointed Chair, post-Brexit London will take on the role of the nerve center of global finance, a sort of mega-hub of finance on the strength of its tradition in law, its efficiency, and its always cutting-edge technology.
The city’s ability to attract capital has always been well known, and now with the macroeconomic conjuncture now underway it may experience a boost in its ability to attract new capital from around the world.