Ashley Alder has been named as the new chair of the Financial Conduct Authority (FCA).
Alder is currently chief executive of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011.
He is expected to take up his role as FCA chair in January and has been appointed for a five-year term. He takes over from interim chair Richard Lloyd, who has held the position since 1 June 2022, taking over from Charles Randell.
“We are looking forward to working with Ashley as he takes over the leadership of the FCA’s board next year,” said Lloyd. “As the FCA continues to strengthen its vital work to protect consumers and our financial markets, his deep experience of leading a major international regulator will help us deliver our ambitious strategy for the future.”
Alder also chairs the board of the International Organization of Securities Commissions (IOSCO) and sits on the Financial Stability Board’s Plenary and its Steering Committee.
He has previously worked as a lawyer in London and Hong Kong.
The City watchdog also announced that the Treasury has reappointed Dr Alice Maynard and Liam Coleman, who respectively chair the FCA’s Audit and People Committees, to the board for their second three-year terms.
Alder’s appointment comes at a time of intense scrutiny of the City regulator, which has been battling reputational issues after high-profile consumer scandals including the collapse of mini-bond provider London Capital & Finance.
Industry onlookers welcomed Alder’s appointment.
“This is an excellent appointment,” said Simon Morris, a financial services partner at law firm CMS. “The FCA has finally got a chair who knows what regulation looks like from the inside track. Ashley Alder will bring much needed pragmatism to the FCA board from his experience of running a major regulator. His chairmanship of IOSCO presages well for the FCA’s work in strengthening its international footprint.”