Hong Kong’s top regulator, Ashley Alder, is to join Britain’s Financial Conduct Authority (FCA) as its new chairperson.
The HM Treasury announced that Alder — currently CEO of the Securities and Futures Commission of Hong Kong (SFC) — will become chairperson of the FCA in January 2023 for a five-year term.
The move follows a shakeup at the FCA, which saw previous chairperson Charles Randell step down effective June 1. Randell was replaced by an interim chairperson, Richard Lloyd, who will return to his role as senior independent director at the FCA once Alder comes aboard.
Alder also chairs the International Organization of Securities Commissions (IOSCO).
The FCA has also launched a new strategy, designed to “improve outcomes for consumers and in markets” earlier this year.
Commenting on Alder’s appointment, Lloyd said, “As the FCA continues to strengthen its vital work to protect consumers and our financial markets, his deep experience of leading a major international regulator will help us deliver our ambitious strategy for the future.”
The SFC said that it will launch a search for Alder’s replacement shortly. He has headed the agency since 2011.