FCA appoints two directors to co-lead enforcement and market oversight

The expansion of the leadership team follows on from Mark Steward announcing his plans last October to step down this year.

Chambers will take on role on 1 April and Smart will join on 21 June. Steward will leave the FCA on 13 April.

Experience

Chambers has worked at the regulator for more than 20 years. She spent most of those years working in enforcement, including as director of retail and regulatory investigations.

We are committed to acting faster and more effectively, putting the power of technology, data and intelligence at the heart of our enforcement operations.

Nikhil Rathi

She is currently the director of consumer investments in the supervision, policy and competition division.

Smart will join from the National Crime Agency, where he sits on the executive committee as director of intelligence, leading a division of more than 2000 people.

The watchdog detailed that he has also worked in the private sector, where he led the development of an integrated intelligence and investigations department in a major banking group.

Enforcement is key

Nikhil Rathi, CEO 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 skill set, which will enable us to do just that.

“I thank Mark again for his remarkable seven years of service.”

For all the latest industry news direct to your inbox, sign up for our daily newsletter.