The Financial Conduct Authority, the UK's financial market supervisor, has announced the appointment of joint Executive Directors of Enforcement and Market Oversight. Following the retirement of Mark Steward last October, the role will be assumed by Steve Smart and Therese Chambers.

FCA Appoints Enforcement and Market Oversight Co-Heads

The decision to assign Chambers and Smart as co-leaders of the Enforcement and Market Oversight Division emphasizes the crucial function of enforcement efforts in executing the FCA's three-year strategy.

Steve Smart arrives from the National Crime Agency (NCA), where he served as a member of the Executive Committee in the capacity of Intelligence Director, overseeing a team of more than 2000 individuals. Smart's experience extends to the private sector, where he spearheaded the creation of a unified intelligence and investigations unit within a prominent banking conglomerate.

"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," Smart commented.

Therese Chambers possesses a wealth of expertise, with over two decades of tenure at the FCA. The majority of her career has been dedicated to enforcement roles, such as serving as the Director of Retail and Regulatory Investigations. Presently, she holds the position of Director of Consumer Investments within the Supervision, Policy, and Competition Division.

"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," Chambers stated.

The combined expertise of newly appointed Executive Directors offers a well-rounded approach, merging Therese's wide-ranging knowledge in regulation , supervision, and law with Smart's background in criminal enforcement, investigation, security and intelligence.

Therese Chambers is set to assume the Executive Director position on 1 April 2023, and Steve Smart will join the team on 21 June 2023. Meanwhile, Mark Steward is scheduled to depart from the FCA on 13 April 2023. The information that Steward is stepping down was announced last year. He has been associated with the FCA since 2015, previously working for the Hong Kong Securities and Futures Commission.

FCA Creates New Post

The FCA has additionally revealed the establishment of a consolidated legal department under the leadership of the present General Counsel, Stephen Braviner-Roman. This move will unite the General Counsel Division with the legal group currently housed within the Enforcement and Market Oversight division, creating a cohesive legal entity working collaboratively across the organization.

Upon Steward's departure, Sarah Pritchard will assume executive responsibility for the FCA's international endeavors in conjunction with her current position as Executive Director of Markets within the Supervision, Policy, and Competition Division.

"This reflects the FCA's commitment to deepening international cooperation and enhancing its reach to ensure that it is a globally effective regulator, actively shaping the international rulebook," the regulator commented.

In February, the British financial market regulator confirmed the appointment of Aidene Walsh as the Chair of the PSR (Payment Systems Regulator). Welsh has served as the Interim Chair since April and was recently commissioned for a full three-year term.

Meanwhile, Baroness Zahida Manzoor has been reappointed as the Chairwoman of the Financial Ombudsman Service (FOS) for a second term, which will run until August 2025. Barness Manzoor started her work for FOS in 2019, with an initial tenure of three years. After effectively carrying out her responsibilities, she has been reappointed for an additional term in office.