The United Kingdom’s key financial market’s regulator in its twin-peaks system, the Financial Conduct Authority (FCA), today announced the appointment of Megan Butler to the permanent role as Director of Supervision – Investment, Wholesale and Specialists (SIWS), according to an official FCA statement.
Regarding her new role, Mrs. Butler said: “I am very pleased to take on my role as director of SIWS in a permanent capacity. There is a huge amount of interesting, challenging and important work to do and I am excited about the opportunity to continue to shape financial services for the better. Having been here for nine months already, I know I’m leading a talented team.”
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Regulatory supervision experience
Mrs. Butler was in the role previously on secondment or temporarily from the other financial market regulator, the Prudential Regulatory Authority (PRA), where she held the role of Executive Director of International Banks Directorate.
Before joining the PRA, she worked for the Financial Services Authority (FSA) which was the prior name of the current FCA before its renaming.
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In addition, she chaired the Standing Committee on Cross-Border Cooperation and Enforcement at the International Organization of Securities Commissions (IOSCO) from 2004-2008. In April 2013, she joined the Bank of England which led to her most recent position.
From LSE to BOE
Earlier in her career, Mrs. Butler worked for the London Stock Exchange (LSE) in legal and non-legal roles as well as Head of Capital Markets. Then she joined the FSA initially in 2000, and held numerous subsequent positions including as Chief Counsel for Markets, headed the legal team that advised on laws and regulations related to listings as well as exchanges and clearing houses and market conduct including supervising wholesale firms.
The diverse range of expertise Mrs. Butler obtained over the years in financial market-related positions appears to have helped make her suitable for the new permanent position with the FCA.
In 1987, she was called to the Bar as a barrister, and subsequently carried her legal prowess throughout her financial services career which morphed into roles in the government, with the Bank of England, and the two other financial market regulators in the U.K.
The news follows after the global code for FX was released just yesterday thanks to efforts by multiple stakeholders including top regulators and market participants across foreign exchange, as reported by Finance Magnates on Thursday this week. The news also comes ahead of the plans for the FCA to refresh its website in June.