The Financial Conduct Authority (FCA) has announced the appointments of Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight, as well the creation of a single legal function headed up by current general counsel Stephen Braviner-Roman.
The appointments follow Mark Steward’s departure, who announced he would be stepping down as the regulator’s executive director of enforcement and market oversight after seven years in the role last October.
The FCA said the expansion of its enforcement and market oversight leadership team reflected the vital role that enforcement work plays in delivering its three year strategy and its commitments to reducing the growth in financial crime, ensuring consumer outcomes meet the higher standards of its new Consumer Duty.
The regulator added that the appointments will also support the FCA’s ongoing transformation to become a more “assertive, more adaptive and more innovative” regulator.
It said the the duo would bring a “highly complementary” skillset, with Chambers’ “extensive regulatory, supervisory and legal experience” combined with Smart’s “criminal enforcement, investigatory, intelligence and security experience”.
Chambers has worked at the FCA for more than 20 years, with most of those years spent working in enforcement, including as director of retail and regulatory investigations.
She is currently FCA director of consumer investments in the supervision, policy and competition division.
New recruit Smart joins from the National Crime Agency, where he sits on the executive committee as director of intelligence, leading a division of more than 2,000 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
The FCA further noted its business plan to be published next month will continue its programme of investment in enforcement and market oversight capabilities.
Nikhil Rathi, chief executive of the FCA, 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.”
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 executive colleagues and across the FCA as we increasingly use our powers to protect consumers and tackle harm.”
Smart said: “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 takes up her role from 1 April, while Smart will join on 21 June. Mark Steward will leave the FCA on 13 April.
The FCA also announced the creation of a single legal function headed up by Braviner-Roman.
This will bring together the general counsel division and the legal group, which currently sits within enforcement and market oversight, in a single unified legal division to ensure a joined up legal capability working across the organisation.
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, markets, in the supervision, policy and competition division.
The FCA said the move reflects its commitment to deepening international cooperation and enhancing its reach to ensure that it is a globally effective regulator, actively shaping the international rulebook.
The appointments mean the FCA’s executive committee will have nine members, comprising five women and four men, including three from minority ethnic backgrounds.