Government announces board members of new Financial Conduct Authority

The Government today (31st March 2013) announced the board members of the new Financial Conduct Authority (FCA). The board will be responsible for overseeing the work of the FCA as it pursues its three operational objectives from 1 April 2013 to secure protection for consumers; protect and enhance the integrity of the UK financial system and promote effective competition in the interests of consumers. As previously announced, the FCA will be chaired by John Griffith-Jones, with Martin Wheatley as chief executive. The executive members will be:

Tracey McDermott, FCA director of enforcement and financial crime;
Clive Adamson, FCA director of supervision; and
Lesley Titcomb, FCA chief operating officer.

Andrew Bailey, chief executive of the Prudential Regulation Authority, Mick McAteer, Amanda Davidson and Sir Brian Pomeroy will re-join the board as non-executive directors. Beyond the existing board members, the three new non-executive directors are Jane Platt, David Harker and Amelia Fletcher.

About the FCA

The FCA will be the new integrated conduct regulator. The FCA will:

regulate the conduct of all financial services firms, including those that are regulated prudentially by the PRA and those passporting in to the UK, taking a proactive approach to secure better outcomes for consumers;
regulate wholesale and market conduct, covering the behaviour of market participants in the activity of trading or dealing on markets and the behaviour of wholesale firms both in financial markets and in their dealings with customers and clients;
act as primary market regulator, making and enforcing listing, prospectus, disclosure and transparency rules (taking over the Financial Service Authority’s functions as UK Listing Authority);
have a strong and credible enforcement function able to take action using regulatory and civil powers, and to take forward criminal prosecutions where appropriate; and
be responsible for the prudential regulation of around 18,000 to 18,500 UK authorised persons that do not fall within the scope of PRA regulation.