According to Ashley Alder, the FCA will assist in “map the United Kingdom’s post-Brexit future as a global financial center that continues to foster innovation and competition.”
Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will be the next chair of the Financial Conduct Authority in the United Kingdom.
The United Kingdom Treasury announced on Friday that Alder has been nominated to chair the country’s financial watchdog beginning in January 2023. He will succeed temporary FCA chair Richard Lloyd, who took over when Charles Randell stepped down in May.
Since 2011, Alder has presided over Hong Kong’s securities regulator, as well as the International Organization of Securities Commissions, or IOSCO. Adler stated in a March study from the IOSCO that decentralized finance was “a unique and rapidly growing field of financial services,” but that it offered significant problems as the industry evolved.
— Financial Conduct Authority (@TheFCA) July 8, 2022
Alder stated in his acceptance to chair the FCA that the financial watchdog will assist “plan the UK’s post-Brexit future as a global financial centre that continues to foster innovation and competition through its own world-leading regulatory standards.” The UK regulator oversees around 51,000 financial services enterprises and financial markets across the country.
Alder’s appointment comes as the FCA announced plans to hire 500 new employees in 2022 as part of a three-year strategy that includes “proactively [shaping] the digitization of financial services through developing our regulatory approaches to digital markets.” Beginning in October, Matthew Long of the National Crime Agency will take over as director of the FCA’s payments and digital assets area.
The United Kingdom’s government has seen a wave of resignations in the last seven days, following accusations that Prime Minister Boris Johnson pushed former deputy chief whip Chris Pincher to a key position while being aware of groping allegations. Johnson resigned on Thursday, after resignations from more than 50 members of parliament, including UK Chancellor of the Exchequer Rishi Sunak and Economic Secretary to the Treasury John Glen.
Nadhim Zahaw has taken over as chancellor of the Exchequer in place of Sunak, while Reuters reported on Friday that MP Richard Fuller has been named the next UK economic secretary.