Who is responsible for appointing the chair of the FCA?

The Chancellor of the Exchequer is responsible for appointing the chair of the Financial Conduct Authority (FCA). This role involves overseeing financial regulations and ensuring that the FCA fulfills its objectives in promoting competition and protecting consumers within the financial services industry. The Chancellor, as a senior government official, has the authority to make such appointments, reflecting the importance of the FCA in the broader economic framework of the UK.

The responsibility of the Chancellor aligns with governmental oversight of financial regulation, ensuring proper alignment with national financial policies and objectives. This ensures that the FCA operates effectively and is held accountable to the government and, by extension, to the public.

In contrast, while the Bank of England and the Chief Executive of the Prudential Regulation Authority (PRA) have significant roles in the financial system, they do not hold the authority to appoint the chair of the FCA. Additionally, the Prime Minister's responsibilities do not extend to such specific appointments within financial regulatory bodies.