In the last flurry of activity prior to legal cutover on 1 April 2013, a couple of developments of note.

Members of the FCA Board confirmed

The 12 members of the Financial Conduct Authority (FCA) Board, which will be effective from 1 April 2013 when the FCA begins operating, have been named by HM Treasury today.

The Board will consist of:

  • Four executive members:
    • Martin Wheatley, chief executive of the FCA
    • Tracey McDermott, FCA director of enforcement and financial crime
    • Clive Adamson, FCA director of supervision; and
    • Lesley Titcomb, FCA chief operating officer.
  • Eight non-executive members – click here for biographies:
    • John Griffith-Jones (Chairman of the FCA Board)
    • Andrew Bailey, chief executive of the PRA
    • Former members of the FSA Board who will join the FCA Board as non-executive directors:
      • Mick McAteer
      • Amanda Davidson
      • Sir Brian Pomeroy
    • Three new appointments:
      • Jane Platt
      • David Harker CBE
      • Amelia Fletcher.

New BoE rules for recognised clearing houses and uncertificated securities

The Bank of England (BoE) has published two instruments which will update the BoE’s rulebook on 1 April 2013, enabling it to regulate recognised clearing houses and uncertificated securities:

Complaints against the regulators

This Policy Statement sets out the scheme for complaints against the Bank of England, the FCA and the PRA, and essentially proceeds along the lines envisaged in the consultation. The assurance that the regulators are in the process of agreeing appropriate service level arrangements to ensure an efficient and cooperative approach is welcome. Although the fast track process does not exist in the new Scheme by name, there is an option to deal with complaints at a local level, with complaints being investigated by a person who is not the subject of the complaint and is suitably senior. The arrangements for investigations, along with the management of the overall complaints process, will be subject to independent review by the Complaints Commissioner.