New appointments to the FCA Board announced
The Treasury recently (05 February 2020) confirmed the appointment of two new Non-Executive Directors to the Financial Conduct Authority (FCA) Board. The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.
Jeannette Lichner and Bernadette Conroy will each serve three-year terms beginning on 1 April 2020 and 1 August 2020 respectively. They will join the Board as Amelia Fletcher OBE and Catherine Bradley CBE step down following the end of their terms as Non-Executive Directors, having served since April 2013 and August 2014 respectively.
Amelia Fletcher will also step down as a Non-Executive Director of the Payment Systems Regulator (PSR). Nick Stace, who was appointed in April 2017, has also stepped down from the FCA and PSR Boards as of 29 January 2020.
Current FCA Chief Executive Andrew Bailey will stand down from both the FCA and PSR Boards on 15 March.
The Economic Secretary to the Treasury, John Glen, recently said:
“The work of the FCA is crucial in ensuring we continue to have a world-leading financial services sector.
“I am therefore delighted to announce the appointments of Bernadette Conroy and Jeannette Lichner to the FCA Board. Their expertise and knowledge will be highly valuable to the FCA as it carries out its vital role.”
Chair of the Financial Conduct Authority, Charles Randell, recently said:
“I’m delighted to welcome Jeannette and Bernadette to the FCA Board. They have extensive combined experience both in financial services and a range of public service organisations.
“I would also like to thank Amelia, Catherine and Nick for their valuable support and challenge to the FCA.”
The new members will bring a variety of experience and knowledge to the Board.
Bernadette Conroy has senior manager and non-executive experience in organisations in both the public and private sectors, including financial services. Her current roles include being Chair of a Housing Association and a Non-Executive Director for Community Health Partnerships.
Jeannette Lichner has a background in international financial services and has held senior leadership roles in a number of major financial organisations. Her current roles include being a Non-Executive Director at Miller Insurance Services.
About The Financial Conduct Authority (FCA)
The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.
The current FCA Board members are:
- Andrew Bailey – executive FCA Board member and Chief Executive
- Catherine Bradley CBE – non-executive FCA Board member
- Liam Coleman - non-executive FCA Board member
- Amelia Fletcher OBE – non-executive FCA Board member
- Baroness Hogg – non-executive FCA Board member
- Richard Lloyd OBE – non-executive FCA Board member
- Alice Maynard CBE - non-executive FCA Board member
- Charles Randell CBE – Chair of the FCA
- Tommaso Valletti - non-executive FCA Board member
- Sam Woods – non-executive FCA Board member
- Christopher Woolard – executive FCA Board member and Director of Strategy and Competition and interim Chief Executive designate.
As required by the Financial Services and Markets Act 2000, HM Treasury is responsible for appointments to the FCA Board, along with the Department for Business, Energy and Industrial Strategy for two of the Non-Executive Directors. These appointments were regulated by the Office of the Commissioner for Public Appointments. All appointments are made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. Bernadette Conroy and Jeannette Lichner have confirmed that they have not engaged in any political activity in the last 5 years.
