Chair of UK markets watchdog to step down early

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“As the FCA prepares to implement its new wholesale, retail and data strategies under an established new executive, now is the right time for a new Chair to carry on the close and continuous oversight of our transformation,” Randell said in a statement.

Nikhil Rathi, the former finance ministry official who became chief executive of the FCA last October, is pushing through an internal shake-up following heavy criticism over the watchdog’s handling of collapsed investment firm London Capital & Finance.

The finance ministry said it would start the process of recruiting a new chair.