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, three non-executive directors are being announced today. They are Jane Platt, David Harker and Amelia Fletcher.
Financial Secretary to the Treasury, Greg Clark said:
The financial services industry is integral to the success of the UK; it supports economic growth and our society as a whole. The new Financial Conduct Authority will exist to rebuild trust and confidence in the sector, through a renewed and proactive focus on conduct regulation.
The board members appointed today are all of the highest calibre and will bring an in-depth understanding of the financial services industry. I am confident that they will help to lead and guide the FCA towards fulfilling its vital role.
Notes for Editors
- The Financial Services Act (the Act), which sets out the Government’s policies to strengthen the financial regulatory structure in the UK, received Royal Assent on 19 Decmber 2012.
- The Act establishes a new system of focused financial services regulators:
- the Financial Policy Committee (FPC), a strong and expert macro-prudential authority within the Bank of England, responsible for protecting and enhancing financial stability;
- the Prudential Regulation Authority (PRA), a new micro-prudential regulator with responsibility for ensuring effective prudential regulation of firms that manage complex risks on their balance sheets, which will be established as a subsidiary of the Bank; and
- a new independent conduct of business regulator, the Financial Conduct Authority (FCA), to ensure consumers are protected, market integrity is maintained and that there is effective competition.
- The Act povides the FCA with a single strategic objective and three operational objectives. These are supported by a competition duty.
- The strategic objective is ensuring that the relevant markets function well. The operational objectives are:
- securing an appropriate degree of protection for consumers;
- protecting and enhancing the integrity of the UK financial system; and
- promoting effective competition in the interests of consumers.
- 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.