FCA hires Hong Kong supremo as chairman

The boss of hong Kong’s financial regulator has been appointed as the chairman of the Financial Conduct Authority (FCA).

Ashley Alder, a former lawyer, will oversee Britain’s watchdog as it shakes up its structure following a failure to prevent a string of scandals.

he will also be under pressure to speed up the FCA’s response to a pile of cases, including the collapse of Neil Woodford’s investment empire, the implosion of mini-bonds firm London Capital & Finance (LCF), and the downfall of halifax Bank of Scotland (hBOS) in the run-up to the 2008 financial crisis.

And he will have to ensure the swift publication of the probe into the London Metal exchange, following a debacle this year in which the 144-yearold exchange suspended trading of nickel, causing massive losses to several traders. Alder, 62, said: ‘It’s a great privilege to have the opportunity to chair the FCA, whose core work is so vital to the financial health of consumers.’

Campaigners who have pushed for improvements at the FCA, hesitantly welcomed Alder’s appointment.

Mark Bishop, who lost out in the 2010 Connaught investment debacle, said: ‘I hope the appointment of an outsider will mark a change in approach from the current “deny, delay, defend” to one of admitting to past wrongs, providing compensation and apologies where appropriate, and then engaging with constructive critics on the long-overdue job of fixing the organisation.’

Alder, a married father of two was thought to be in the running for the top FCA role in 2016 and 2020. he will take over from interim chairman Richard Lloyd in January.

Charles Randell stepped down last year amid criticism of the way he handled issues such as Woodford and LCF.