The Financial Conduct Authority (FCA) has appointed Therese Chambers and Steve Smart as joint executive directors of enforcement and market oversight.
According to the FCA, the expansion of its enforcement and market oversight leadership team, following the departure of Mark Steward, reflects the vital role that enforcement work plays in delivering its 3-year strategy and its commitments to reducing the growth in financial crime, ensuring consumer outcomes meet the higher standards of the New Consumer Duty.
The appointment of Therese and Steve to co-lead the Enforcement and Market Oversight Division will also support the organisation’s ongoing transformation to become a ‘more assertive, more adaptive and more innovative’ regulator.
Therese Chambers has worked at the FCA for over 20 years and has 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.
Steve Smart joins from the National Crime Agency, where he sits on the Executive Committee as Director of Intelligence, leading a division of over 2000 people. 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.
Therese Chambers will take on the role of Executive Director on 1 April 2023. Steve Smart will join on 21 June 2023. Mark Steward will leave the FCA on 13 April 2023.
FCA CEO Nikhil Rathi 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.”
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