Splitting out of the Financial Services Authority (FSA) in early 2013, the new body will be responsible for the conduct regulation of most financial services firms, including financial advisers.
Griffith-Jones will initially join the FSA Board on 1 September as a non-executive director and deputy chairman and will work with Martin Wheatley, the chief executive designate of the FCA, to oversee the creation of the new authority.
He will also chair the non-executive committee of the board, while Lord Turner will remain as executive chairman of the FSA until its transition into the Prudential Regulation Authority (PRA) and FCA is complete.
Mark Hoban, the financial secretary to the Treasury, said: “It will be a key role in the successful delivery of the government’s plan for a new regulatory structure in the UK.
“[Griffith-Jones] understands the challenges facing the financial services sector and this, together with his experience in both chairman and CEO roles, will be very valuable as we move towards the creation of the FCA.”
Between 2002 and 2006, Griffith-Jones was CEO of KPMG’s UK firm, before becoming chairman in 2006. He will retire from the firm in August 2012.
He said: “Having worked in the financial world all my professional career, I know how important it is that consumers, investors and businesses have trust in the integrity of the UK’s financial services industry and markets.
“I see the future role of the Financial Conduct Authority as key to rebuilding that trust, in particular through its increased focus on consumer protection and choice.”
