21 February 2018 at 11:34 BST

FCA chief admits to tax 'error of judgement'

The former Slaughter and May partner had invested in a film tax avoidance scheme which saw him repaying the Inland Revenue £114k.

Claudio Divizia

A former Slaughter and May partner and incoming chair of the city regulator the Financial Conduct Authority disclosed he had invested in a tax avoidance scheme in evidence to the Treasury select committee. Charles Randell invested in the Ingenious Film Partners 2 scheme which led to him paying HM Revenue & Customs £114,000 plus interest. He joined the scheme, he claimed, after assurances from his financial adviser that the scheme was supported by HMRC. At the hearing he said not investigating further was an 'error of judgement' on his part. He will take up the role as FCA chief from 1 April. He has also been appointed as the chair of UK's payment systems industry regulator, the Payments Systems Regulator (PSR), and will take up the post on the same date. Randell has been an external member of the Bank of England's Prudential Regulation Committee (PRC) and is a non-executive board member of the Department for Business, Energy and Industrial Strategy. He has resigned from the BoE post and will leave the position before taking up his two new roles. 


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