Just one week after the announced resignation of Martin Wheatley from the UK’s Financial Conduct Authority (FCA), the regulator has once again made headlines with a noteworthy move, adding Antonio Simoes as its newest Chair of the Practitioner Panel, according to an FCA statement.
Last Friday, the FCA revealed that Martin Wheatley would be relinquishing his position as Chief Executive on September 12, 2015. Despite stepping down, Mr. Wheatley will continue acting as a de-facto adviser to the FCA Board until January 31, 2016. During this window, he is slated to maintain a point of emphasis on the implementation of the Fair and Effective Markets Review, of which he has co-chaired.
In its latest move, the FCA will see Mr. Simoes, the Chief Executive Officer (CEO) for HSBC become the Chair for its Practitioner Panel as of August 1, 2015, following a two-year membership on its panel already.
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The FCA’s Practitioner Panel is an independent statutory body representing the interests of the broader financial services industry within the UK’s regulatory infrastructure. Panel members are routinely recruited to represent their respective sectors, thus giving the most comprehensive scope of coverage over the industry itself.
Mr. Simoes will be succeeding Alison Brittain, the former Group Director of Retail at Lloyds Banking Group, announced back in May that she was leaving the financial services sector, and consequently the panel.
According to FCA Chairman John Griffith-Jones in a recent statement on the appointment, “The Practitioner Panel plays a vital role in ensuring that the voice of industry is heard in the UK’s regulatory system. Antonio has served on the Panel for the previous two years and appreciates how important the role of Chair is so that the regulator and financial services industry can have a dialogue that is both challenging and constructive. I look forward to working with him in his new role.”
“It’s an honour to have been invited to chair the FCA practitioner panel. I’m looking forward to making a positive contribution to the important role the panel plays in supporting the regulatory framework in the UK, at a time when rebuilding trust in the financial services industry has never been more important. My focus will be on fostering a constructive dialogue between the panel and both the Executive and the Board of the FCA,” added Mr. Simoes in an accompanying statement.