HM Treasury has appointed a new chair to lead the UK's Financial Conduct Authority, starting from January 2023.

HM Treasury has named Ashley Alder as the new chair of the Financial Conduct Authority. Alder will be taking over from Richard Lloyd, who was appointed interim chair of the FCA in June.

Alder, who is currently CEO of the Securities and Futures Commission in Hong Kong – a position he has held since 2011 – is stepping down early to take up the new role in January 2023. He is expected to be in post for a five-year term.

Alder also chairs the board of the International Organization of Securities Commissions and sits on the Financial Stability Board's Plenary and its Steering Committee.

Lloyd took up the role following the decision by Charles Randell OBE, a former Slaughter and May lawyer, to step down as chair, which was announced in October 2021. Lloyd will continue as interim chair until the New Year, and then resume his role as the FCA’s senior independent director, the Treasury said.

Alder began his career as a lawyer in London in 1984, practising in Hong Kong for more than 20 years. He was executive director of the SFC's Corporate Finance Division from 2001 to 2004, before returning to private practice at the law firm Herbert Smith LLP, as head of Asia, the Treasury added.

HM Treasury has also reappointed Dr Alice Maynard and Liam Coleman to the board for their second three-year terms, respectively; they chair the FCA’s Audit and People Committees.

Welcoming him to the FCA, Lloyd said he was looking forward to working with Alder as he takes over the leadership of the board next year which, unfortunately, has faced criticism over its slow response to the collapse of London Capital & Finance and the implosion of Neil Woodford’s equity fund.

Lloyd hopes that Alders’ “deep experience of leading a major international regulator” will help the FCA deliver its ambitious strategy for the future.