MP slams suitability of incoming FCA chair
MP Andrea Leadsom (pictured) has criticised the incoming chair of the Financial Conduct Authority (FCA) over his understanding of the UK regulatory environment and his suitability for the role.
During a meeting of the Treasury Select Committee yesterday (14 December), Leadsom accused incoming FCA chair Ashley Alder of having a “very slim” understanding of the UK’s financial scrutiny system.
She highlighted the fact that Alder has spent the majority of his career in Hong Kong, where the regulatory system is different.
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“It just seems to me that somebody who spent their entire career in Hong Kong is very unlikely to have the corporate memory or background or understanding of UK markets to be able to do a good job,” Leadsom added.
“To be honest, it seems to me that your understanding of the way the UK scrutiny system works is very slim.”
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Alder responded by saying that he has been a regulator for 11 years in Hong Kong. Alder is currently chief executive of Hong Kong’s Securities and Futures Commission, but will step down from this role at the end of December. He is due to assume his FCA chair role on 20 February 2023.
Leadsom is a former candidate for prime minister. Last month, she failed in her bid to be named chair of the Treasury Select Committee.
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