FCA appoints new enforcement and market oversight directors

The FCA has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight following Mark Steward’s departure.

The regulator says the expansion of its enforcement and market oversight leadership team reflects its commitments to "reducing the growth in financial crime, ensuring consumer outcomes meet the higher standards of the New Consumer Duty, stepping in where firms restrict competition and much more".

It added that "recent market events have underlined the importance of effective market oversight to support financial stability".

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."

Therese Chambers has worked at the FCA for over 20 years. She spent most of those years working in enforcement, including as director of retail and regulatory investigations. She is currently the director of consumer investments in the supervision, policy and competition division.

Commenting on her appointment, Therese said: "The work of the enforcement and market oversight division is of critical importance in supporting the FCA’s Strategy and we will continue to build out our assertive and proactive approach. I look forward to working with colleagues on ExCo and across the FCA as we increasingly use our powers to protect consumers and tackle harm."

Steve Smart joins from the National Crime Agency, where he sits on the executive committee as director of intelligence. Steve has also worked in the private sector where he led the development of an integrated intelligence and investigations department in a major banking group.

Steve said: "I’m really excited to be joining the FCA. It is a great opportunity to put my experience of leading and developing proactive operational functions and working with partners in the police, wider law enforcement and counterparts overseas to help the FCA to continue to prevent serious harm; set higher standards; and promote competition."

Sarah Pritchard will take over executive responsibility for the FCA’s international work once Mark Steward leaves on the 13th of April, in addition to her existing role as executive director for markets in the supervision, policy and competition division.