Treasury Committee okays FCA chair Randell despite tax scheme involvement

Takes up role from 1 April

The Treasury Committee has determined inbound FCA chair Charles Randell as fit and proper to take up the role at the regulator, despite questions about his involvement in a controversial tax scheme.

Randell, who was appointed to the role on 5 January and is scheduled to begin work from 1 April, invested in Ingenious Film Partners 2, which has been involved in multiple high profile court cases with HM Revenue & Customs (HMRC). He was involved in the scheme between 2006 and 2011, following assurances from a financial adviser it had been approved by HMRC. When the government body ruled the scheme as invalid, Randell was forced to pay back his investment of approximately £114,000, plus interest. FCA dawn raids approach pre-crisis lows The former Slaughter and May lawyer, who ad...