The founding chairman of the Financial Conduct Authority (FCA) John Griffith-Jones will step down after the completion of his first term in the role next March.
Griffith-Jones, who has chaired the regulator since its creation in April 2013, will not stand for a second term, with the FCA having faced much criticism over the past four years.
This has been in light of a number of botched reports such as the regulator's mishandled response to an information leak about an upcoming investigation into closed book life insurance contracts, which wiped billions off the value of leading insurers.
The regulator's failure led to an inquiry to assess the way it handled the release of sensitive information.
The FCA was also attacked following its handling of the collapse of HBOS and the conviction of six people over a fraud case at the bank when Griffith-Jones was a senior audit partner at KPMG.
Anthony Stansfeld, police and crime commissioner for Thames Valley Police, which led the prosecution, called Griffith-Jones' departure a "wise move" after previously calling for it, according to The Times.
In a statement released over the weekend regarding his departure, Griffith-Jones also announced he would be stepping down from his role as chairman of the Payment Systems Regulator (PSR) which he joined in April 2014 when it was established. He will leave both positions on March 31 2018.
"I committed to a five-year fixed term to chair the FCA and, in so doing, to help ensure conduct regulation became a respected part of the UK financial landscape.
"It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe that I will leave both in good shape to regulate well in the future."
Chancellor of the Exchequer, Philip Hammond, thanked Griffith-Jones for his work in both roles, saying he had provided "strong leadership to both boards during his tenure".
The HM Treasury will now commence the process for recruiting a new chair for the FCA.
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