Former Which? executive Richard Lloyd has taken over as interim chair of the Financial Conduct Authority this morning.

He takes over from Charles Randell who stood down yesterday after four years as chair of the regulator.

Mr Lloyd will act as interim chair until the Treasury appoints a permanent replacement.

The role of FCA chair is being advertised with a salary of £170,000 and a requirement for 2-3 days work per week.

Mr Lloyd was formerly the senior independent director of the FCA board, and is chair of the Independent Parliamentary Standards Authority and vice-chair of the Money and Mental Health Policy Institute.

He previously held executive positions at Which?, Consumers International and Shelter.

Mr Lloyd said: “I’m honoured to be asked to be interim chair of the FCA. The FCA board is hugely grateful to Charles Randell for all that he has done over the last four years as chair. Under his leadership, wide-ranging improvements to the way the FCA does its job are already making a positive difference for the financial services industry and millions of people’s lives.“

Mr Randell has now left the regulator and will not be moving to any other position, according to the regulator.