John Griffith-Jones, chairman of the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR), has revealed plans to leave both organisations at the end of his term of office, on 31 March 2018.
Griffith-Jones was appointed at the first FCA chair from 1 April 2013, and became chair of the PSR when it was established in April 2014. His terms of office at both organisations at both organisations are due to expire on 31 March 2018.
During his time at the FCA, the body has taken over the regulation of the consumer credit industry, including motor finance, leading to some fundamental changes in business practises.
His time at the FCA has not been without controversy, with the regulator only just surviving a vote of no confidence from the House of Commons in early 2016, after former chief executive Martin Wheatley was told by then-UK Chancellor George Osborne his contract would not be renewed.
Announcing his decision, Griffith-Jones said: “I committed to a five year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape. It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe that I will leave both in good shape to regulate well in the future.”
The Chancellor of the Exchequer, Philip Hammond, said: “I want to thank John Griffith-Jones for his work as chairman of both the Financial Conduct Authority and the Payment Systems Regulator.
“Both undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected. John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”