The UK’s Financial Conduct Authority (FCA) has tapped Georgina Philippou as its newest Chief Operating Officer, following a shakeup at the position earlier this year.
Back in July, Martin Wheatley relinquished his position as the FCA’s Chief Executive. Despite stepping down, Mr. Wheatley has continued acting as a de facto adviser to the FCA Board and will do so until early next year, or January 31, 2016.
Since then, the FCA appointed Tracey McDermott as its interim Chief Executive, whose term took effect on September 12. However, the UK regulator today announced that its next permanent Chief Executive will be Georgina Philippou, having previously served as its Director for Enforcement and Market Oversight – she will take over her new role in November 2015. Ms. Philippou has garnered over two decades of experience in regulation and compliance in the United Kingdom.
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According to Tracey McDermott, the FCA’s acting Chief Executive, in a recent statement on the appointment: “Georgina brings a wealth of regulatory experience here and overseas that’s invaluable in ensuring that the FCA is able to operate effectively across all its priorities and objectives. As the demands on the organisation increase, it’s imperative that we prioritise effectively and use our resources in the most efficient manner.
Georgina’s extensive experience and wide knowledge of the approaches of international regulators means she is well placed to know what we need to be able to perform and deliver value for money at the level expected by ourselves and by the industry.
We now have in place an Executive Committee with a range of experience from the industry and regulation both here and abroad. As we implement our new strategy focused on delivering high quality regulation, the mix of experience and fresh perspectives will be invaluable. I’m looking forward to working with the new team,” McDermott added.
In addition to Ms. Philippou’s appointment as Chief Executive, the FCA also announced that David Godfrey was slated to become its newest Director of Finance and Operations.