John Griffith-Jones, the chairman of UK’s Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR), has decided to step down from his role at the end of his five-year term on 31 March 2018.

Griffith-Jones took up the role of FCA chairman in April 2013. He has been chairing PSR since its establishment in April 2014.

“I committed to a five year fixed term to chair the FCA and, in so doing, to help ensure that conduct regulation became a respected part of the UK financial landscape,” Griffith-Jones stated.

The treasury is now set to begin a lookout for Griffith-Jones’ replacement.

UK chancellor of the exchequer Philip Hammond said: “John Griffith-Jones has provided strong leadership to both Boards during his tenure, helping to establish them as key parts of the UK financial regulatory system.”

Prior to his stint at the UK regulator, Griffith-Jones worked at KPMG. He previously faced calls for resignation in connection with a fraud at HBOS that was audited by KPMG.

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