City lawyer Charles Randell has been confirmed as the next Financial Conduct Authority (FCA) chairman and takes up the post from 1 April.
Randell had previously been touted as a leading candidate to succeed outgoing FCA chairman John Griffith-Jones. He will also become chairman of the Payment Systems Regulator (PSR).
As a lawyer at magic circle firm Slaughter & May, Randell advised ministers on the 2008 financial crisis and currently sits on the on the Bank of England's Prudential Regulation Committee (PRC), but his five-year term as a director is set to expire in March.
He will leave this position before joining the FCA and PSR. HM Treasury and the Bank of England will begin recruiting a successor soon.
Randell is also non-executive board member of the Department for Business, Energy and Industrial Strategy, as well as a visiting fellow at Queen Mary University of London.
Griffith-Jones is set to step down from his position at the regulator on March 31.
Griffith-Jones has been FCA chairman since its formation in April 2013, and PSR chairman since its formation in April 2014.
Randell said: "I'm very honoured to have the opportunity to chair the FCA and the PSR. They do vital work in delivering a stable and trusted system of financial regulation which protects consumers while supporting innovation, competition and growth.
"I look forward to working with colleagues at both organisations as they continue their mission."
Chancellor Philip Hammond said: "I am delighted to appoint Charles Randell as chairman of the FCA. Charles has a wealth of relevant experience, and I am sure that he will prove to be a strong leader at this very important time.
"I would like to thank the outgoing chairman, John Griffith-Jones, for his service. He has been instrumental in establishing the FCA and PSR as highly effective organisations which are critical parts of the UK financial regulatory system. I wish him all the best for the future."
Griffith-Jones said: "I am delighted that Charles Randell has been appointed as my successor and I wish him every success in the role."
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