Richard Lloyd has become interim chair of the Financial Conduct Authority (FCA).

He takes over from Charles Randell, who stood down last week after four years as chair.

Lloyd (pictured) will act as chair until HM Treasury appoints a permanent successor. A recruitment process is underway.

Lloyd has been senior independent director, chair of the Board Risk Committee and chair of the Oversight Committee at the FCA.

Alongside his role at the FCA, Lloyd also chairs the Independent Parliamentary Standards Authority and a Council member of the Advertising Standards Authority. He was a founding trustee of the Money and Mental Health Policy Institute.

Lloyd led Which? as executive director from 2011 to 2016. Prior to this he was chief executive of the world federation of consumer organisations, Consumers International; head of policy at the housing charity, Shelter and worked for two years in No 10 Downing Street as a special adviser to the Prime Minister. He was awarded an OBE in 2019 for services to the economy and consumer rights.

His appointment was previously announced on 4 February.