FCA appoints co-leaders of enforcement and market oversight
The Financial Conduct Authority (FCA) has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
Chambers will take on the role of executive director on 1 April 2023, while Smart will join on 21 June 2023.
The expansion of the team follows the announcement that Mark Steward will leave on 13 April 2023.
Enforcement is central to the delivery of the FCA’s three-year strategy, which includes commitments to reducing financial crime, enforcing the new Consumer Duty, and stepping in where firms restrict competition.
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“Enforcement is a key regulatory tool allowing us to hold firms and individuals to account for wrongdoing and helping to reduce and prevent serious harm to consumers and in markets,” said FCA chief executive Nikhil Rathi.
“We are committed to acting faster and more effectively, putting the power of technology, data and intelligence at the heart of our enforcement operations. Therese and Steve will be a powerful combination, bringing a complementary skillset, which will enable us to do just that. I thank Mark again for his remarkable seven years of service.”
Chambers has worked at the FCA for more than 20 years, mostly in enforcement, including as director of retail and regulatory investigations. She is currently the director of consumer investments in the supervision, policy and competition division.
“The work of the enforcement and market oversight division is of critical importance in supporting the FCA’s Strategy and we will continue to build out our assertive and proactive approach,” Chambers said.
“I look forward to working with colleagues on ExCo and across the FCA as we increasingly use our powers to protect consumers and tackle harm.”
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Smart joins from the National Crime Agency, where he sits on the executive committee as director of intelligence, leading a division of more than 2000 people.
He has also worked in the private sector where he led the development of an integrated intelligence and investigations department in a major banking group.
“It is a great opportunity to put my experience of leading and developing proactive operational functions and working with partners in the police, wider law enforcement and counterparts overseas to help the FCA to continue to prevent serious harm; set higher standards; and promote competition,” Smart said.
The FCA has also announced the creation of a single legal function headed by general counsel Stephen Braviner-Roman. This will bring together the general counsel division and the legal group, which currently sits within enforcement and market oversight.
Sarah Pritchard will take over executive responsibility for the FCA’s international work once Steward leaves, in addition to her existing role as executive director of markets in the supervision, policy and competition division.
The new appointments mean the FCA’s executive committee will have nine members, comprising five women and four men, including three from minority ethnic backgrounds.
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