The Financial Conduct Authority (FCA) has welcomed three new non-executive directors to its board: Liam Coleman, Alice Maynard CBE and Tommaso Valletti. They will each serve a three-year term, which commenced on November 5 2019.
Appointments to the board are not made by existing members of the regulator’s executive function, or by the CEO. Instead these individuals were appointed by John Glen, a Treasury minister who, until the General Election at least, holds the Government post of Economic Secretary to the Treasury. Mr Glen’s role is also sometimes known as the ‘City Minister’ and he is the minister who is most closely associated with the UK financial services industry.
Ms Maynard was jointly appointed by HM Treasury and the Department for Business, Energy and Industrial Strategy. She also serves on the board of HMRC, and outside of financial services she is a member of Transport for London’s board and has been the chairwoman of the charity Scope.
Mr Coleman was previously chief executive at the Co-operative Bank and will continue to chair Great Western Hospitals NHS Trust alongside his new role with the FCA.
Mr Valletti is a professional economist with expertise in the fields of regulation and competition. He has worked at a number of development banks and was a senior competition expert at the European Commission.
The three newcomers join these individuals on the FCA’s board:
- Andrew Bailey – executive FCA board member and chief executive
- Catherine Bradley CBE – non-executive FCA board member
- Amelia Fletcher OBE – non-executive FCA board member
- Baroness Hogg – non-executive FCA board member
- Charles Randell CBE – chair of the FCA
- Nick Stace – non-executive FCA board member
- Sam Woods – non-executive FCA board member
- Richard Lloyd OBE – non-executive FCA board member
- Christopher Woolard – executive FCA board member and director of strategy and competition
Mr Glen said:
“The FCA has a vital role in ensuring our financial sector keeps people safe and that firms put customers at the heart of their decisions. So, I am delighted to announce these new appointments to the FCA Board. Their wealth of experience and expertise will be incredibly valuable to the crucial work of the regulator.”
Chair of the FCA, Charles Randell, said:
“I’m delighted to welcome such an impressive group of new non-executive directors to the FCA Board. They have extensive combined experience both in financial services and a range of public service organisations. As the FCA continues to adapt to deliver its Mission effectively in our rapidly changing world, its Board will continue to provide essential support and challenge.”
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