FCA’s Chief Operating Officer Departs After Four Years

Thursday, 05/06/2025 | 04:56 GMT by Arnab Shome

Emily Shepperd, who joined the regulator in 2021, is yet to decide on her next role.

The agency has not yet named her replacement.

Emily Shepperd, who has served as Chief Operating Officer at the Financial Conduct Authority (FCA) for the past four years, has resigned from her position and will leave the regulator, according to a report by Financial News.

A Financial Industry Veteran

Before joining the FCA in 2021, Shepperd spent decades in the financial services industry. Although she has not yet lined up her next role following her regulatory tenure, she is reportedly looking to return to the private sector.

The FCA has not yet appointed a replacement for the COO role.

Over her three-decade career, Shepperd held senior operational roles in banking. She began her career at JPMorgan before moving to custody platform Pershing, a subsidiary of BNY Mellon, where she led programme change and management. She also served as BNY Mellon’s EMEA COO and was a Director at Aegon.

Nikhil Rathi, Chief Executive of the FCA, Source: Bank of England

“From turning around the operational performance in authorisations, whilst also ensuring a more rigorous gateway, to then transforming our overall operational performance, and most recently the development and launch of our new strategy, Emily has made a valuable impact on our organisation,” said Nikhil Rathi, CEO of the FCA, reflecting on Shepperd’s time at the regulator.

FCA and CFDs

The FCA regulates the broader financial services industry in the UK, including forex and contracts for differences (CFDs) brokers. Last December, the regulator revealed that 20 per cent of authorised CFD brokers in the country were inactive, and none of the 100 EU-based CFD brokers that entered under the temporary permissions regime after Brexit applied for full authorisation.

Recently, the FCA’s Joint Executive Director of Enforcement and Market Oversight, Therese Chambers, stated that the regulator aims to be more transparent with its data requirements for instruments such as CFDs and spread bets in order to improve market abuse surveillance.

The FCA also oversees crypto platforms operating in the UK. It is currently considering a ban on purchasing cryptocurrencies using credit and is seeking public feedback on a discussion paper regarding crypto regulations.