Following advice from the Financial Conduct Authority (FCA), HM Treasury has chosen Christopher Woolard as interim chief executive.

Woolard takes the job following Andrew Bailey’s departure. Bailey left to become governor of the Bank of England.

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Currently, Woolard is the FCA’s director of strategy and competition as well as an executive member of the board.

In the role, Woolard was responsible for the FCA’s policy output, its work on innovation, competition and economics. In addition, he helped direct the strategy for the financial regulator.

He joined the Financial Services Authority in 2013 and helped lead the creation of the FCA. He also held roles at Ofcom, the BBC, and also in the civil service.

Charles Randell, the FCA’s chair, said: “I’m looking forward to working with Chris in his Interim Chief Executive role. I’m confident that he and Executive Committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.”

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Woolard added: “I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the Board and colleagues across the FCA as we continue to deliver the FCA’s mission.”

HM Treasury will be running an open competition for the permanent chief executive.

FCA moves

In November 2019, the FCA fined asset manager Henderson Investment Funds (HIFL) £1.9m for overcharging thousands of retail investors.

More than 4,500 people investing in the company’s Henderson Japan Enhanced Equity Fund and the Henderson North American Enhanced Equity Fund (the Japan and North American Funds) were found to be overcharged.

In a statement, FCA said that Henderson Global Investors (HGIL), a HIFL appointed investment manager, reduced the active management of Japan and North American Funds in November 2011.

The company notified the institutional investors on the changes and offered to manage the two funds free of charge.