Ashley Alder has been appointed chair of the Financial Conduct Authority (FCA), the regulator responsible for overseeing UK financial technology.

It is expected that alkh began his five-year term in January. He is currently the Chief Executive Officer of the Securities and Futures Commission (SFC) in Hong Kong.

He will take over the role from interim chairman Richard Lloyd, who will then return to his role as a senior independent director of the FCA.

“We look forward to working with Ashley as he takes over the leadership of the FCA board next year,” said Richard Lloyd, interim chairman of the FCA.

Alder previously worked as Executive Director of the SFC’s Corporate Finance Division and Head of Asia at the law firm Herbert Smith LLP.

“As the FCA continues to strengthen its vital work protecting consumers and our financial markets, his extensive experience leading a major international regulator will help us deliver on our ambitious strategy going forward,” Lloyd added.

The FCA has powers to regulate and investigate the UK financial services industry. It regulates the behavior of around 51,000 businesses, some of which operate in emerging fintech areas such as buy now pay later.

Last month FCA started an investigation from Chris Kearman, co-founder and CEO of fintech Wise, after he failed to pay his taxes.

And at the beginning of this year it is faced with cryptocurrency companiesgiving them a deadline to register or cease doing business in the UK.

Former Chairman of the FCA Charles Rendell has previously questioned the legitimacy “speculative crypto tokens”.

FCA appoints Hong Kong regulator chief Ashley Alder as chair

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