The FCA has strengthened its Enforcement and Market Oversight team by appointing two new executive directors after the departure of the team’s former director Mark Steward.

Therese Chambers steps up from her role as Director of Consumer Investments, while Steve Smart joins from the National Crime Agency (NCA), where he was Director of Intelligence.

The FCA says the appointments will support the “ongoing transformation to become a more assertive, more adaptive and more innovative regulator”. It adds that Chambers and Smart will “bring a highly complementary skillset, with Therese’s extensive regulatory, supervisory and legal experience combined with Steve’s criminal enforcement, investigatory, intelligence and security experience”.

Critical importance

Chambers has worked for the FCA for over 20 years and was Director of Retail and Regulatory Investigations before heading up the consumer investments team. ‘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,” she said.

Smart led a division of 2,000 at the NCA, and has worked for major banks and on counter-terrorism initiatives. He 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.”

“Combining a 20-year FCA enforcement veteran with a Director of Intelligence from the National Crime Agency with a background in national security and organised crime, suggests an enhanced approach prioritising financial crime.”

Rob Mason, Director of Regulatory Intelligence, Global Relay

Commenting on the appointments Rob Mason, Director of Regulatory Intelligence at Global Relay (our parent company), said: “There appears to be further consumer outcome focus, which leans towards retail investor protection rather than wholesale market participants. Having two individuals replace Mark Steward is interesting and anomalous, combining a 20-year FCA enforcement veteran with a Director of Intelligence from the National Crime Agency with a background in national security and organised crime, suggests an enhanced approach prioritising financial crime.”

Chambers starts her new role on April 1, with Smart joining on June 21. Steward leaves the regulator on April 13.

Single legal function

Alongside the announcement of these two appointments came news that the regulator was creating a single legal function that will be led by current General Counsel Stephen Braviner-Roman. The intention is to “bring together the General Counsel Division and the legal group … in a single unified legal division to ensure a joined up legal capability working across the organisation”.

Finally, Sarah Pritchard is to take on executive responsibility for international work when Steward leaves. She is currently Executive Director, Markets, in the Supervision, Policy and Competition Division.