Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Feb 03, 2023

Hong Kong financial regulator Alder lined up to chair FCA

Hong Kong financial regulator Alder lined up to chair FCA

Ashley Alder, who has led the Securities and Futures Commission since 2011, has emerged as the most likely long-term successor to Charles Randell.

The long-serving boss of Hong Kong’s financial watchdog is the leading candidate to become the next chair of the UK’s Financial Conduct Authority (FCA).

Sky News has learnt that Ashley Alder, who has run the Securities and Futures Commission (SFC) since 2011, has been in talks about taking over from Charles Randell, who left the City regulator earlier this year.

It was unclear on Thursday whether Mr Alder had formally accepted the FCA chairmanship, or whether the appointment could be delayed by the turmoil surrounding Boris Johnson's resignation as prime minister.

Mr Alder would, nevertheless, represent a high-calibre choice for the role.

Steeped in the detail of global financial regulation, he has run the SFC since 2011, and also chairs the International Organisation of Securities Commissions (IOSCO).

His current term at the SFC expires in September next year, although it is likely that if he is appointed to the FCA role, he would leave the Hong Kong regulator prior to that date.

The FCA chair is appointed by the Treasury, with the approval of both the chancellor and prime minister usually required.

This week's crisis in Westminster saw both Rishi Sunak, the chancellor, and John Glen, the City minister, step down from their roles in protest at Mr Johnson's leadership.

Nadhim Zahawi, the former education secretary, was appointed to succeed Mr Sunak, although he too called for the PM to step down on Thursday morning.

Ashley Alder

Chairing the FCA is one of the most important roles in economic regulation in Britain, with the watchdog responsible for supervising tens of thousands of companies.

The FCA has adopted an increasingly vocal approach to firms' treatment of customers as the cost-of-living crisis deepens, while it is also grappling with issues such as the rapid growth in cryptocurrencies and the proliferation of buy-now, pay-later credit providers.

Under Nikhil Rathi, it has also been battling internal strife amid complaints from FCA staff about their pay.

In 2020, Mr Alder was among the candidates shortlisted to become chief executive of the FCA, before the job went to Mr Rathi.

Mr Randell's departure from the FCA - a year before the end of his term - was announced last October.

The City watchdog was heavily criticised for its supervision of London Capital & Finance, a collapsed minibond issuer, and has been grappling with major issues relating to the regulation of cryptocurrencies and buy now pay later credit providers.

Since Mr Randell's departure, Richard Lloyd, who ran Which? for five years until 2016, has stepped in as the FCA's interim chairman.

The appointment of a long-term successor will make the FCA the latest in a string of key economic regulators in the UK to get fresh leadership.

The Competition and Markets Authority, Financial Reporting Council, Ofcom and Ofwat have all seen the arrival of new chairs in recent months.

The Treasury declined to comment.


Related Articles

Hong Kong News
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
Chinese search giant Baidu to launch ChatGPT like AI chatbot.
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
China is opening up for foreign investors.
Tesla reported record profits and record revenues for 2022
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
China relaxes 'red lines' on property sector borrowing in policy pivot
Tesla slashes prices globally by as much as 20 percent
Japan prosecutors indict man for ex-PM Shinzo Abe murder
Vietnam removes two deputy PMs amid anti-corruption campaign
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
China’s recovery could add 1% to Australia’s GDP: JPMorgan 
Saudi Arabia set to overtake India as fastest-growing major economy this year 
China vows to strengthen financial support for enterprises: official
International medical experts speak out against COVID-19 restrictions on China
2 Billion People To Travel In China's "Great Migration" Over Next 40 Days
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
Flight constraints expected to weigh on China travel rebound
Billionaire Jack Ma relinquishes control of Ant Group
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
Teslas now over 40% cheaper in China than US
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
China seeks course correction in US ties but will fight ‘all forms of hegemony’, top diplomat Wang Yi says
China will boost spending in 2023
African traders welcome end of China’s Covid travel curbs
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
Preparations begin for Spring Festival travel rush
Domestic COVID-19 drug effective in trial
HK to see a full recovery, John Lee says in New Year message
Bargain hunters flock to last day of Hong Kong brands and products expo
Hong Kong aims for January 8 reopening of border with mainland China