FCA boosts enforcement and market oversight

Joint executive directors named

FCA boosts enforcement and market oversight

Insurance News

By Terry Gangcuangco

The Financial Conduct Authority (FCA) has named Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight, and they will co-lead what used to be headed solely by Mark Steward.

As announced last October, Steward is leaving the FCA after seven years with the regulator. His departure is set for April 13. Chambers, who has been with the FCA for more than two decades, is assuming her new role on April 1, before being joined by Smart on June 21.

Smart is the intelligence director at the National Crime Agency, where he leads a division that consists of more than 2,000 people. Awarded an OBE in 2003, he brings three decades of credentials to the post.

“I’m really excited to be joining the FCA,” commented Smart. “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.”

Chambers – currently the director of consumer investments in the supervision, policy, and competition division – had this to say: “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.

“I look forward to working with colleagues on [the executive committee] and across the FCA as we increasingly use our powers to protect consumers and tackle harm.”

Aside from the joint appointment, the FCA is also combining the general counsel division and the legal group into a unified legal division to be led by general counsel Stephen Braviner-Roman. Meanwhile, upon Steward’s departure, markets executive director Sarah Pritchard will take over executive responsibility for the FCA’s international work.

“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,” stated 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.”

What are your thoughts on these changes at the FCA? Feel free to share in the comments below.


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