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28 March 2013

Government announces board members of new Financial Conduct Authority

Today, the Government has announced the board members of the new Financial Conduct Authority (FCA).

The board will be responsible for overseeing the work of the FCA as it pursues its three operational objectives from 1 April 2013 to:

As previously announced, the FCA will be chaired by John Griffith-Jones, with Martin Wheatley as chief executive. The executive members will be:

Andrew Bailey, chief executive of the Prudential Regulation Authority, Mick McAteer, Amanda Davidson and Sir Brian Pomeroy will re-join the board as non-executive directors.

Beyond the existing board members, three non-executive directors are being announced today. They are Jane Platt, David Harker and Amelia Fletcher.

Financial Secretary to the Treasury, Greg Clark said:

“The financial services industry is integral to the success of the UK; it supports economic growth and our society as a whole.  The new Financial Conduct Authority will exist to rebuild trust and confidence in the sector, through a renewed and proactive focus on conduct regulation.

The board members appointed today are all of the highest calibre and will bring an in-depth understanding of the financial services industry.  I am confident that they will help to lead and guide the FCA towards fulfilling its vital role.”

Notes for Editors

1. The Financial Services Act (the Act), which sets out the Government’s policies to strengthen the financial regulatory structure in the UK, received Royal Assent on 19 Decmber 2012.

2. The Act establishes a new system of focused financial services regulators:

3. The Act povides the FCA with a single strategic objective and three operational objectives.  These are supported by a competition duty.

4. The strategic objective is ensuring that the relevant markets function well. The operational objectives are:

5. The FCA will be the new integrated conduct regulator. The FCA will:

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