FCA interim chief executive Woolard to exit

Buried in a press statement released on Wednesday (16 September) the FCA confirmed the interim chief executive would exit after completing a review of unsecured credit market regulation.

Woolard will step down from the FCA board and any executive or decision-making roles from 1 October. He will then leave the FCA upon completion of the review.

Nikhil Rathi will become permanent chief executive at the FCA from 1 October, taking over from Woolard.

Woolard joined the FCA in 2013 as part of the executive committee. He has served on the board since 2015 and became interim CEO in March 2020 after Andrew Bailey left to become governor of the Bank of England.

He has led the FCA's strategy and competition work, including the cap on payday lending and market studies across wholesale and retail banking, asset management and insurance.

He has led the FCA's interest in fintech with Project Innovate and the FCA's Sandbox. Most recently as interim CEO he led the FCA's response to Covid-19.

Woolard said: "It has been a tremendous honour to serve as chief executive of the FCA at such a critical time for the country and financial services. I'd like to thank my many colleagues over the last eight years for all their help and support. I am delighted to be asked to lead a timely and significant review where access to sustainable credit is of great importance to so many people."

FCA chair Charles Randell added: "I am grateful for Chris's contribution to the FCA, particularly during the last six months as he has led us through the coronavirus crisis with huge energy and skill."

Woolard will not take up any external appointment until at least six months after the end of his executive role.