JGJ ready to take on role as head of the FCA

The new chairman of the regulatory body supervising UK markets from next year has been named as John Griffith-Jones.

Griffith-Jones will slide in behind his new desk at the Financial Conduct Authority (FCA) in September to ready the organisation for taking on the duties of the soon to be defunct Financial Services Authority (FSA).

The Prudential Regulation Authority (PRA) will assume control over regulating banks from the FSA.

Separating the supervisory functions of the FSA is part of a shake-up aimed at providing closer scrutiny of markets and financial companies.

Griffith-Jones joins the FCA board as a non-executive director and deputy chairman before moving up to his new role in 2013.

He moves from his current post overseeing the UK operations of international consultancy KPMG.

Announcing the move, Financial Secretary to the Treasury Mark Hoban said Griffith-Jones has ‘valuable’ experience to share.

“I am pleased with the appointment of John Griffith-Jones as chairman of the FCA. It will be a key role in the successful delivery of the government’s plan for a new regulatory structure in the UK. He understands the challenges facing the financial services sector and this, together with his experience in both chairman and chief executive roles, will be valuable as we move towards the creation of the FCA.”

Griffith-Jones sees his role as rebuilding consumer confidence in financial services.

“Having worked in the financial world all my professional career, I know how important it is that consumers, investors and businesses have trust in the integrity of the UK’s financial services industry and markets,” he said. “I see the future role of the FCA as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.”