Chancellor Rishi Sunak has been told he must appoint a "very different kind of chair" to run the Financial Conduct Authority if confidence in the UK regulator is to be restored.

The announcement earlier this month that Charles Randell would be leaving the watchdog a year ahead of schedule sent shockwaves through the City, with all eyes turning to who will replace him as chair as the embattled FCA attempts to navigate a period of upheaval.