New appointment to FCA Board announced

HM Treasury has today 13 April announced the appointment of Sophie Hutcherson to the Board of the FCA alongside the reappointment of Bernadette Conroy for a second term. 

Sophie has 30 years’ experience in financial services having worked as senior advisor to the CEO at Wells Fargo and held various senior positions at Deutsche bank UK.

Bernadette Conroy’s executive career was spent in the financial services sector, where she gained 29 years’ experience at HSBC, Morgan Stanley and Booz Allen Hamilton.

The Economic Secretary to the Treasury, Andrew Griffith, said:

'I am delighted with the appointment of Sophie Hutcherson to the board of the FCA, and I am pleased to be able to reappoint Bernadette Conroy to her role on the FCA’s board.

'Their wealth of commercial experience within the financial services sector will strengthen the FCA’s board and ensure the UK’s regulatory framework supports the Government’s vision at a time when Parliament is adding an important new duty on growth and international competitiveness.'

Chair of the FCA, Ashley Alder, said:

'I am delighted to welcome Sophie to the board of the FCA, bringing a wealth of commercial experience from her more than 30 years as a leader in the financial sector, and with the reappointment of Bernadette, so we can continue to benefit from her strong focus on strategic delivery.

'As the remit of the FCA continues to grow, it is vital our board can draw on a range experiences.'

In addition to this FCA appointment, Ben Broadbent has been reappointed for a third term to the Prudential Regulation Committee, the board of the Prudential Regulation Authority. This will align to conclude 30 June 2024 when his second term as Deputy Governor for Monetary Policy at the Bank of England is also due to end.

Notes to editors:

  1. The Financial Conduct Authority is the conduct regulator for around 51,000 financial services firms and financial markets in the UK.
  2. Under the Financial Services and Markets Act 2000, the HM Treasury is responsible for appointing the members of the FCA Board.
  3. Appointments and reappointments to the FCA Board are regulated by the Office of the Commissioner for Public Appointments.
  4. All appointments are made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any is declared) to be made public. Sophie Hutcherson and Bernadette Conroy have not engaged in any political activity in the past five years.
  5. The Prudential Regulation Authority supervises banks, insurers and major investment firms.
  6. The PRA’s most important decisions are taken by the Prudential Regulation Committee (PRC), chaired by the Governor of the Bank of England. Five members of the PRC are Bank staff, including the Governor and four Deputy Governors. The PRC has a majority of external members, including the Chief Executive of the Financial Conduct Authority.
  7. The Financial Services and Markets (FSM) Bill introduces new secondary objectives for the FCA and the PRA to facilitate, subject to aligning with relevant international standards, the international competitiveness of the economy of the United Kingdom (including in particular the financial services sector), and its growth in the medium to long term.