HM Treasury has announced the appointment of Ashley Alder as the new chair of the Financial Conduct Authority (FCA).

The newly appointed chair is expected to take up his role in January and begin his five-year term.

Alder is currently chief executive officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011.

He also chairs the board of the International Organization of Securities Commissions (IOSCO) and sits on the Financial Stability Board’s Plenary and its steering committee.

Alder began his career as a lawyer in London in 1984 and practised in Hong Kong for more than 20 years. He was executive director of the SFC’s corporate finance division from 2001 to 2004, before returning to private practice at Herbert Smith LLP, a law firm, as head of Asia.

Richard Lloyd, who took on the role of interim chair last month, said they are looking forward to working with Alder as he takes over the leadership of the FCA’s board next year.

“As the FCA continues to strengthen its vital work to protect consumers and our financial markets, his deep experience of leading a major international regulator will help us deliver our ambitious strategy for the future,” Lloyd stated.

Meanwhile, HM Treasury has also reappointed Alice Maynard and Liam Coleman, who respectively chair the FCA’s audit and people committees, to the FCA Board for their second three-year terms.