The government announced today that Catherine Bradley has been appointed to the Financial Conduct Authority (FCA) as a Non-Executive Director, starting on 2 August 2014.
Announcing the appointment, the Economic Secretary to the Treasury, Andrea Leadsom said:
I am delighted to announce this appointment to the Financial Conduct Authority. Catherine will bring valuable skills, expertise and experience of the international capital markets that will benefit the work of the FCA greatly.
The government created the FCA as a new, stronger financial regulator and I am confident Catherine will make an important contribution towards fulfilling the FCA’s vital role in protecting consumers, maintaining market integrity and ensuring effective competition.
This appointment has been made under the Financial Services and Markets Act 2000, as amended by the Financial Services Act 2012 (“the Act”), and in accordance with the Commissioner for Public Appointments Code of Practice.
The Financial Conduct Authority is the independent conduct of business regulator in the UK, established to ensure consumers are protected, market integrity is maintained and that there is effective competition.
The Act provides the FCA with a single strategic objective and 3 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
- promoting effective competition in the interests of consumers
The FCA, as the conduct of business regulator, will:
- regulate the conduct of all financial services firms, including those that are regulated prudentially 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 consumers and clients
- act as primary market regulator, making and enforcing listing, prospectus, disclosure and transparency rules
- have a strong and credible enforcement function able to take action using regulatory and civil powers, and to take forward criminal prosecutions where appropriate
- 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
- from the 1 April 2014, took on the responsibility for the regulation of consumer credit from the Office of Fair Trading
Appointments of non-executive directors to the FCA are made by the Treasury and the terms of service of appointed members are determined by the Treasury in accordance with the Act.
The appointment of Catherine Bradley is for a 3 year term commencing on 2 August 2014.
Catherine Bradley joined Societe Generale as Head of Equity Advisory for Asia-Pacific in June 2013. She has a strong capital markets background, having worked in a variety of senior roles in a number of major investment banks.
She worked at Credit Suisse from 2003 to 2012 where for the last 4 years she was Head of Equity-Linked Solutions Group Asia Pacific.
Prior to joining Credit Suisse, Catherine worked at Dresdner Kleinwort Wasserstein from 2000 to 2003, BNP Paribas from 1994 to 2000, UBS from 1991 to 1994 and Merrill Lynch from 1981 to 1991.
All appointments to the FCA are made on merit, and political activity plays no part in the selection process. However, there is a requirement for appointees’ political activity (if any declared) to be made public. Catherine Bradley has confirmed that she has not engaged in any political activity in the last 5 years.