The UK’s financial market supervisor, the Financial Conduct Authority (FCA), has appointed joint Executive Directors of Enforcement and Market Oversight following the retirement of Mark Steward in October last year.
Steve Smart and Therese Chambers will take up the roles, with Chambers assuming the position on 1 April 2023, and Smart joining the team on 21 June 2023.
Steward, who has worked with the FCA since 2015 and previously worked for the Hong Kong Securities and Futures Commission, is scheduled to depart from the FCA on 13 April 2023, as announced last year.
With over two decades of tenure at the FCA, Therese Chambers is highly experienced, having dedicated the majority of her career to enforcement roles. She has previously served as the Director of Retail and Regulatory Investigations and currently holds the position of Director of Consumer Investments within the Supervision, Policy, and Competition Division.
Chambers commented:
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, on the other hand, joins the FCA from the National Crime Agency (NCA), where he served on the Executive Committee as the Intelligence Director, responsible for overseeing a team of over 2000 individuals. He also has experience in the private sector, where he led the establishment of a unified intelligence and investigations unit within a major banking conglomerate.
Smart added:
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.
The newly appointed Executive Directors, Therese Chambers and Steve Smart, offer a comprehensive approach to the FCA’s operations, bringing together Chambers’ extensive knowledge in regulation, supervision, and law with Smart’s expertise in criminal enforcement, investigation, security, and intelligence.
The FCA has also announced the consolidation of its legal department under the leadership of the current General Counsel, Stephen Braviner-Roman. This move will merge the General Counsel Division with the legal group currently housed within the Enforcement and Market Oversight division, creating a cohesive legal entity that will work collaboratively across the organization.
After Mark Steward’s departure, Sarah Pritchard will assume executive responsibility for the FCA’s international efforts, in addition to her current role as Executive Director of Markets within the Supervision, Policy, and Competition Division. the international rulebook.
