Ashley Alder appointed as the next chairman of FCA

links patrocinados

The chief executive of Hong Kong’s futures and securities regulator has been hired as the next chairman of the UK’s Financial Conduct Authority.

links patrocinados

HM Treasury said Ashley Alder would take charge of the FCA, the public body overseeing Britain’s financial services sector, from next January for a five-year tenure.

He will succeed Richard Lloyd, who began occupying the post on an interim basis last month following the departure of Charles Randell a year before his term was expected to end.

New boss: HM Treasury said Ashley Alder would take charge of the FCA, the public body overseeing Britain's financial services sector, from next January for a five-year tenure

New boss: HM Treasury said Ashley Alder would take charge of the FCA, the public body overseeing Britain's financial services sector, from next January for a five-year tenure

New boss: HM Treasury said Ashley Alder would take charge of the FCA, the public body overseeing Britain’s financial services sector, from next January for a five-year tenure

Alder has spent the last 11 years as head of Hong Kong’s Securities and Futures Commission (SFC), having initially joined the organization in 2001 as its executive director of corporate finance.

He then left in 2004 to rejoin the legal firm Herbert Smith, where he had worked as a corporate and business law specialist after moving to Hong Kong in 1989.

links patrocinados

While at the SFC, Alder has helped institute a series of reforms and schemes to try and strengthen the city’s financial system, pushed for greater focus on climate finance, and imposed significant fines on banking giants.

This included a $350 million fine on Goldman Sachs’s Asia office for bond offerings that raised money for Malaysia’s controversial sovereign wealth fund, 1Malaysia Development Berhad.

But the city state’s attraction as an international financial center has come under massive pressure in recent years due to the coronavirus pandemic and draconian new laws curtailing political freedoms.

Mass protests erupted in 2019 over a proposed extradition bill that would have enabled residents of the region to be deported to mainland China, causing the city to tumble into recession as tourists stayed away and retailers lost trade.

Troubles: In recent years, the FCA has been hit by a flurry of resignations and criticism over its handling of the collapse of Neil Woodford's equity fund and London Capital & Finance.

Troubles: In recent years, the FCA has been hit by a flurry of resignations and criticism over its handling of the collapse of Neil Woodford's equity fund and London Capital & Finance.

Troubles: In recent years, the FCA has been hit by a flurry of resignations and criticism over its handling of the collapse of Neil Woodford’s equity fund and London Capital & Finance.

Although the bill was repealed, the Hong Kong Executive later introduced a national security law that led to pro-democracy protesters being arrested and a wave of mass emigration.

While this has happened, the SFC has experienced a wave of personnel leaving, with 12 percent of employees and a quarter of junior professional staff resigning in 2021, according to its chairman Tim Lui.

Britain’s FCA has itself been afflicted by a flurry of resignations, with 345 workers departing between June and October 2021, double the rate of the previous year.

FCA employees also voted in favor of industrial action in February for the first time in the organization’s history over planned reforms to working conditions and pay spearheaded by chief executive Nikhil Rathi.

Rathi’s proposals included cuts to pension rights, the alignment of bonuses with performance, cutbacks affecting graduate trainees and the salary of Scottish staff.

Alongside this, the City watchdog has faced major criticism over its handling of the downfall of Neil Woodford’s equity fund and London Capital & Finance (LC&F).

An independent review led by Dame Elizabeth Gloster, a former Court of Appeal judge, admonished the FCA for failing to sufficiently regulate LC&F, which sold unregulated ‘mini-bonds’ promising large returns to investors, but collapsed owing them over £230million.

Regarding the Woodford affair, the financial authority has faced criticism for the slow pace of its investigation, given that it began in June 2019, just weeks after trading in the fund was suspended.

Analysts hope the selection of a new chair will draw a line under these scandals and go some way to repairing the FCA’s reputation and improving morale among staff.

Simon Morris, a partner at law firm CMS, applauded the FCA’s decision to hire Alder, calling it ‘an excellent appointment’ that would give the body ‘a chair who knows what regulation looks like from the inside track.’

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width: 636px; margin:0; padding:0; line-height: 120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height: 120%; text-decoration: none; font-family: Arial, Helvetica, sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color: #af1e1e; } #fiveDealsWidget .widgetTitle { color: #fff; text-transform: uppercase; font-size: 18px; font-weight: bold; margin: 6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width: 124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin: 10px by 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color: #004db3; font-weight: bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block! important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

Leave a Reply

Your email address will not be published.