"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."
The FCA has announced that Chris Woolard will be leaving the FCA in October.
Woolard is currently interim chief executive of the regulator following the departure of Andrew Bailey.
Nikhil Rathi becomes permanent chief executive of the FCA from 1 October 2020.
Prior to his departure, Woolard will chair a review of the future regulation of the unsecured credit market, reporting to the FCA Board.
The Review will concentrate on how regulation can better support a healthy unsecured lending market. It will take into account the impact of the coronavirus on employment security and credit scores, changes in business models and new developments in unsecured lending including the growth of unregulated products in retail and the workplace. He will be assisted by an advisory group and will make recommendations to the FCA Board in early 2021.
Chris 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. 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 interests in fintech, Project Innovate and the FCA’s Sandbox. Most recently as interim CEO he has led the FCA’s response to Covid-19.
Chris 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."
Charles Randell, chair of the FCA, 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. Chris’s deep understanding of the unsecured credit market makes him the ideal person to advise the Board on the development of regulation to support sustainable unsecured lending. Unsecured lending can be critical to helping people through tough times but can cause serious harm if it’s not well regulated."