The Financial Conduct Authority (FCA) has announced the appointment of Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
This expansion follows the departure of Mark Steward and reflects the FCA’s commitment to its three-year strategy, which focuses on reducing financial crime, enhancing consumer outcomes, and fostering competition.
The combined expertise of Chambers, who has over 20 years of experience at the FCA, and Smart, who hails from the National Crime Agency, aims to facilitate the FCA’s transformation into a more assertive, adaptive, and innovative regulator.
The upcoming FCA business plan will continue to invest in enforcement and market oversight capabilities.
FCA chief executive Nikhil Rathi said: “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.
“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.”
Regarding her appointment Chambers said: “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 ExCo and across the FCA as we increasingly use our powers to protect consumers and tackle harm.”
Smart added: “I’m really excited to be joining the FCA. 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 will assume her new role on April 1st, 2023, while Steve Smart will join on June 21st, 2023.
Steward will leave the FCA on April 13th, 2023. The FCA also announced the creation of a single legal function led by General Counsel Stephen Braviner-Roman, consolidating the General Counsel Division and the legal group.
