Mr Woolard will take on the chief executive role following Andrew Bailey’s departure to become governor of the Bank of England.

Mr Woolard is currently the FCA’s executive director of strategy and competition and an executive member of the FCA’s board.

Charles Randell, the FCA’s chair, said: “I’m looking forward to working with Chris in his interim chief executive role. I’m confident that he and Executive Committee colleagues will continue to deliver our ambitious plans for change in 2020 and beyond, building on the foundations laid by Andrew Bailey.”

Chris Woolard, said: “I’m delighted that I’ve been asked to take on this role. We have a huge job to do and I’m looking forward to working with the Board and colleagues across the FCA as we continue to deliver the FCA’s mission.”