Ashley Alder, the chief executive of Hong Kong’s financial regulator, has been named as the next chair of the Financial Conduct Authority.
HM Treasury confirmed that Alder, who has led the Securities and Futures Commission of Hong Kong for 11 years, will replace interim chair Richard Lloyd when he takes up the role in January 2023. Lloyd was appointed in May, after the departure of former incumbent Charles Randell.
Alder, who was previously a lawyer at City firm Herbert Smith Freehills, said: “I value the opportunity to contribute to a crucial phase in the FCA’s history, as it helps chart the UK’s post-Brexit future as a global financial centre which continues to support innovation and competition through its own world-leading regulatory standards.”
SFC chair Tim Lui said: “Ashley has been steadfast in his commitment and resolve in building a first-class regulatory framework with the highest standards to address the challenges and opportunities that Hong Kong face locally, regionally and globally.”
Alder added: “The policies and reforms we have put in place are now firmly embedded and institutionalised, and my successor will inherit a solid and effective regulatory framework which underpins Hong Kong’s success as an international financial centre.”
The SFC said the recruitment process for his success would get underway shortly.
Alder – who is leaving the SFC around eight months before his term was due to expire – will join Nikhil Rathi, the FCA’s chief executive, at the watchdog. Formerly chief executive of the London Stock Exchange, Rathi took up the role in October 2020.
Both the chair and chief executive of the FCA are appointed by HM Treasury.
