FCA expands market and oversight function

The Financial Conduct Authority has named Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight to co-lead the division. Their appointment follows the departure of Mark Steward. Chambers will take up her role on 1st April 2023. Smart will join on 21st June 2023. Steward will leave the FCA on 13th April 2023.

The regulator said the dual appointment would support its ongoing transformation to become a more assertive, more adaptive and more innovative regulator.

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.”

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