ASHLEY ALDER TO BECOME THE NEXT CHAIR OF THE UK’S FINANCIAL CONDUCT AUTHORITY
Ashley Alder, CEO of the Hong Kong Securities and Future Commission, will be the next chair of the United Kingdom Financial Conduct Authority.
In a statement Friday, U.S. Treasurer said he has appointed Alder to chair the country's financial watchdog since January 2023. He will replace FCA interim chairman Richard Lloyd, who took over after the departure of Charles Randell in May.
Alder has been the director of Hong Kong securities since 2011 and has also chaired the International Organization of Securities Commissions, or IOSCO. In a March report from IOSCO, Adler said distributed finance "is a new and rapidly growing area of financial services" but poses potential risks as the industry grows.
On his acceptance as chairman of the FCA, Alder said the finance minister would help "charge the future of the UK post-Brexit as a global financial institution that continues to support innovation and competition with its world-class regulatory standards." The U.K. Regulator we monitor approximately 51,000 financial services companies and financial markets across the country.
Alder's appointment comes as the FCA announces the recruitment of an additional 500 employees by 2022 as part of a three-year strategy, which includes "continually [creating] the digital integration of financial services by improving our digital marketing management systems." Matthew Long of the National Crime Agency will be the director of the FCA's payroll and digital assets division from October.
The UK government has been abruptly resigning in the past seven days amid reports that Prime Minister Boris Johnson has promoted former deputy chief whip Chris Pincher to a top post on allegations of embezzlement. Johnson resigned on Thursday following the resignation of more than 50 members of parliament, including United Kingdom Chancellor Rishi Sunak and Chancellor of the Treasury John Glen.
Nadhim Zahaw replaces Sunak as Chancellor of the Exchequer, and Reuters reported on Friday that MP Richard Fuller has been appointed as the next U.K. economic secretary.