Former FCA chair slams proposed crypto regulation from government

Charles Randell chaired the regulator between 2018 and 2022

Elliot Gulliver-Needham
clock • 2 min read

Charles Randell, former chair of the Financial Conduct Authority (FCA), has strongly criticised the proposed cryptocurrency regulatory regime issued by the Treasury this week.

Randell, who was chair of both the FCA and Payment Systems Regulator between 2018 and 2022, attacked the proposals that would label crypto as an investment, "but without many of the same rules". These include an "as yet unspecified" liability and capital regime for issuers and intermediaries, a potentially looser regime to judge whether intermediaries are acting in the client's best interests, as well as an initial "lighter touch" approach to market abuse, and possible delegation of the first line of market abuse surveillance to a crypto industry association. On 30 October, the Treasu...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Is financial services regulation really the 'boot on the neck' of business?

Is financial services regulation really the 'boot on the neck' of business?

'For those yet to fully embrace Consumer Duty it is simply wishful thinking'

Andrew Gething
clock 19 September 2025 • 5 min read
FCA considers softer SDR rules for index-tracking funds

FCA considers softer SDR rules for index-tracking funds

Amid ‘challenging’ requirements

Cristian Angeloni
clock 16 September 2025 • 1 min read
FCA: Consumer investment product disclosure system 'not working'

FCA: Consumer investment product disclosure system 'not working'

FCA rules are expected in late 2025

Michael Nelson
clock 11 September 2025 • 2 min read