Hong Kong Securities Chief Alder Named Chair of Financial Conduct Authority

The UK Treasury has announced the appointment of Ashley Alder as the new chair of the Financial Conduct Authority (FCA).

Alder is currently chief executive officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011. He also chairs the board of the International Organization of Securities Commissions and sits on the Financial Stability Board’s Plenary and its Steering Committee.

Alder began his career as a lawyer in London in 1984 and practised in Hong Kong for more than 20 years. He was executive director of the SFC’s corporate finance division from 2001 to 2004, before returning to private practice at Herbert Smith LLP, a law firm, as head of Asia.

Alder is expected to take up his role as FCA chair in January. He is appointed for a five-year term.

Treasury has also reappointed Dr Alice Maynard and Liam Coleman, who respectively chair the FCA’s Audit and People Committees, to the board for their second three-year terms.

Richard Lloyd took over as interim chair of the FCA in June following the decision by Charles Randell to step down as chair, which was announced in October 2021. Lloyd will continue as interim chair until January and then resume his role as the FCA’s senior independent director.

The FCA, which regulates 51,000 financial firms and markets, is looking to become more aggressive against online financial scams. It also faces the challenge of navigating Britain’s departure from the European Union.