Richard Lloyd, former head of consumer organisation Which?, will be named interim chairman of the Financial Conduct Authority (FCA) according to reports.

The FCA is hunting for a new chairman to replace Charles Randell who will step down in the Spring, a year earlier than planned.

Charles Randell, chair of the Financial Conduct Authority (FCA), has warned regulated businesses of the dangers of dabbling in digital tokens such as cryptocurrency.

The FCA has scrapped performance-related pay and bonuses for senior FCA executives and is to cut average salaries for executive committee members this year following the £236m collapse of mini-bond provider London Capital & Finance.