The Financial Conduct Authority has appointed Ashley Alder, the current CEO of Hong Kong's Securities and Futures Commission, as chair.
Alder will succeed Richard Lloyd, who has served as interim chair since Charles Randell stepped down from his post in May 2022, around a year before the end of his five-year term. He is expected to take up his role in January 2023, said HM Treasury.
"It's a great privilege to have the opportunity to chair the FCA, whose core work is so vital to the financial health of consumers," said Adler.
"I also value the opportunity to contribute to a crucial phase in the FCA's history as it helps chart the UK's post-Brexit future as a global financial centre which continues to support innovation and competition through its own world-leading regulatory standards."
Richard Lloyd confirmed as interim FCA chair
The former lawyer has served as CEO of Hong Kong's Securities and Futures Commission since October 2011. He left the regulator about eight months before his term was due to expire. The SFC will soon begin a search for his successor, it said.
About Hong Kong, he said: "My successor will inherit a solid and effective regulatory framework which underpins Hong Kong's success as an international financial centre."
Alder is also currently the elected chair of the International Organisation of Securities Commissions. Alder relocated to Hong Kong from the UK in 1989 to work as a lawyer for Herbert Smith, where he became the firm's head for Asia.
The news comes as the UK's response to the SFDR faced yet another setback this week, when the FCA announced it would delay the release of its consultation on new Sustainability Disclosure Requirements until the autumn.
UK answer to SFDR faces another setback as FCA consultation delayed
A consultation had been planned for Q2 2022, but the FCA pushed this in order to "take account of other international policy initiatives and ensure stakeholders have time to consider these issues".
The new chair also joins the FCA in the midst of a Brexit tug of war in the City over looser regulation. While the UK Treasury has urged the FCA and other regulators to maintain strong standards following Brexit, much of the City is pulling in the other direction.
