The Treasury Committee today publishes its report on the
appointment of Ashley Alder as Chair of the Financial Conduct
Authority (FCA).
The Committee of MPs held a pre-appointment
hearing on Wednesday 14 December and, in a new report
published today, outlines it is satisfied that Mr Alder has the
appropriate professional competence and personal independence for
the role.
In the session, MPs discussed Mr Alder’s views on topics
including financial services regulation, the operational
independence of the FCA, and the roles of the FCA in combatting
fraud, around retail savings interest rates and in protecting
mortgage holders.
Mr Alder has extensive markets and international financial
services experience in Hong Kong. The MPs acknowledge this and
outline that his apparent inexperience of consumer regulation and
UK financial services suggests it will be important that his
knowledge of these areas be developed quickly, and that he will
want to take time to familiarise himself with legacy issues from
the Global Financial Crisis.
Given Mr Alder is moving from a jurisdiction of extensive state
control in Hong Kong, the Committee outlines that he will need to
demonstrate independence while increasing his knowledge of the
way Parliament scrutinises the FCA in the UK’s free and
democratic society.
The Committee wishes Mr Alder every success in the role.
