Ashley Alder to lead UK Financial Conduct Authority
The CEO of the Hong Kong Securities and Futures Commission will join the struggling FCA in January 2023
Ashley Alder to lead UK Financial Conduct Authority
The CEO of the Hong Kong Securities and Futures Commission will join the struggling FCA in January 2023
Ashley Alder, former head of Asia for Herbert Smith Freehills (HSF) and chief executive of Hong Kong's Securities and Futures Commission (SFC), has been named as the Financial Conduct Authority (FCA) UK's new chair.
Alder will succeed Richard Lloyd, who was named interim chair in February when Charles Randell resigned after serving in the position for four years — just short of finishing his full five-year tenure.
According to a statement, Lloyd, the previous chair of consumer watchdog agency, is anticipated to hold onto the reins until January, when Alder will formally take over.
Alder said, "It's a great honour to have the chance to chair the FCA, whose core work is so important to the financial health of consumers," and he valued "the opportunity to contribute to a crucial phase in the FCA's history as it helps chart the UK's post-Brexit future as a global financial centre that continues to support innovation and competition through its own world-leading regulatory standards."
Alder held a number of prominent positions at HSF before joining the SFC in 2011, including that of the UK Company's CEO of Asia. Alder now holds two positions: chief executive officer of the SFC and chair of the board of the International Organization of Securities Commissions.
His hiring comes as the FCA continues to draw flak for how it handled the $236 million collapse of the London Capital & Finance investment fund in 2019, which compelled the government to pay investors up to £120 million in compensation.
In response to a restructure implemented by chief executive Nikhil Rathi, who succeeded Andrew Bailey as governor of the Bank of England in 2020, the FCA has also experienced strike action.
In 2022, strikes over wages and working conditions were sparked by pay reductions and the elimination of bonuses; however, the most recent action, which was planned for the 5th and 6th of July, was postponed pending additional negotiations.