By Daniel Hunter

The Government has announced the appointment of John Griffith-Jones as the non-executive Chair designate of the Financial Conduct Authority (FCA).

The FCA will be one of the two new UK regulatory bodies for the financial services industry, replacing the Financial Services Authority (FSA) once the Financial Services Bill is commenced early in 2013.

Currently chairman of KPMG in the UK, John Griffith-Jones will join the FSA Board on 1 September 2012 as a non-executive director and Deputy Chair. He will participate fully in the governance of the FSA and work with Martin Wheatley, the CEO designate of the FCA, to oversee the creation of the new authority. He will also chair the non-executive committee of the Board.

Lord Turner will remain as Executive Chairman of the FSA until its transition into the Prudential Regulation Authority (PRA) and FCA is complete.

“I am pleased with the appointment of John Griffith-Jones as Chairman of the FCA. It will be a key role in the successful delivery of the Government’s plan for a new regulatory structure in the UK," the Financial Secretary to the Treasury, Mark Hoban, said.

"He understands the challenges facing the financial services sector and this, together with his experience in both chairman and CEO roles, will be very valuable as we move towards the creation of the FCA.”

FSA Chairman, Lord Turner, said:

"I am delighted to welcome John to the FSA Board and as the future Chair of the FCA. His judgment and independence of mind will be of great value to the FCA as it builds on the developments the FSA has made in respect of conduct regulation.”

John Griffith-Jones, said:

“Having worked in the financial world all my professional career, I know how important it is that consumers, investors and businesses have trust in the integrity of the UK’s financial services industry and markets. I see the future role of the Financial Conduct Authority as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.”

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