He was appointed as the first FCA chair on 1 April 2013 and became chair of the Payment Systems Regulator when it was established in April 2014. He will step down from both positions.

Griifith-Jones (pictured) said: “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.

“It has been, and continues to be, a great privilege to be responsible for the work of both the FCA and the PSR. I like to believe that I will leave both in good shape to regulate well in the future.”

Chancellor of the Exchequer Philip Hammond said: “I want to thank John Griffith-Jones for his work as chairman of both the Financial Conduct Authority and the Payment Systems Regulator.

“Both undertake a vital role in ensuring that the UK financial markets work well and that the interests of consumers and users of those markets are protected.

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“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.”

HM Treasury will begin recruiting a new chair for the FCA.