The Financial Conduct Authority’s executive director of transformation, Megan Butler, is stepping down from her role and leaving the regulator after almost six years.
Butler joined the FCA from the Bank of England in 2016 as executive director of supervision – investment, wholesale and specialist. Prior to that, she had been executive director of international banks at the Prudential Regulation Authority.
Butler took up the helm of the new transformation project last November as part of a management reshuffle at the time.
Newly appointed chief executive Nikhil Rathi had been vocal about transforming the City watchdog under his watch, in pursuit of establishing a data-led regulator able to respond to harm more quickly and effectively.
As head of supervision at the FCA, Butler was heavily involved in its work surrounding the British Steel Pension Scheme fallout and the subsequent defined benefit transfer advice crackdown.
She will be stepping down from her role next spring.
She said: "With transformation now well underway, it is the right time to hand over to Emily and the rest of the talented executive team Nikhil has put together. I will look back at over six years with the regulator with pride.
“It has been a privilege to work alongside dedicated colleagues determined to shape a better financial services industry. I look forward to watching and supporting that work as it continues."
The FCA said Emily Shepperd, who is executive director of authorisations, will take over and lead the transformation programme alongside her existing role.
Shepperd has led changes to the regulator's approach to the gateway since March and has been involved in its transformation project.
Nikhil Rathi, chief executive of the FCA, said: “Megan has been at the heart of the effort to raise standards in financial services. She was at the forefront of our work to ensure firms’ resilience during the pandemic and her leadership has been invaluable in ensuring the transformation of the FCA - into the innovative, assertive and adaptive regulator we aspire to be - is now well progressed.
“I have hugely appreciated Megan’s experience and advice since joining the FCA. She will leave with my best wishes and the gratitude of the whole organisation.”
New legal counsel
The FCA has made further changes to its executive time with the appointment of Stephen Braviner Roman as general counsel and as a member of its executive committee following an open competition.
Roman joins from the Government Legal Department, where he is director general of litigation, justice and security. In his current role, he oversees legal advice given to the Home Office, Ministry of Defence, Ministry of Justice and Department for Culture, Media and Sport.
He was previously responsible for the GLD's advice on the UK’s departure from the European Union and is the board’s lead on diversity and inclusion.
At the FCA, Roman will takeover from David Scott who has held the role of general counsel on an interim basis.
He is expected to join in February next year, while Scott will continue to work at the FCA part-time during a handover period.
Rathi said: “Stephen’s extensive experience of advising ministers on such a wide range of legal issues and managing over 1000 lawyers will be invaluable given the scale and variety of the FCA’s remit.
“I want to thank David for so ably leading the FCA’s legal function on a temporary basis. My colleagues and I have been – and will continue to be over the coming months – grateful for his wise advice.”
Roman added: "I'm delighted to be joining the excellent team at the FCA. This is a crucial period for consumers, financial markets and the FCA and I’m looking forward to starting."
sonia.rach@ft.com
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