The Financial Conduct Authority Chairman John Griffith-Jones has today announced the appointment of a new Chair for the FCA’s independent Practitioner Panel.
Antonio Simoes, Chief Executive Officer for HSBC in the UK, becomes Chair of the FCA Practitioner Panel from 1 August 2015. He has been a member of the Practitioner Panel for two years.
Antonio Simoes succeeds Alison Brittain, former Group Director of Retail at Lloyds Banking Group, who announced in May that she is leaving the financial services sector, and therefore the Panel, to join Whitbread plc as Group CEO.
Welcoming the appointment, FCA Chairman John Griffith-Jones said:
"The Practitioner Panel plays a vital role in ensuring that the voice of industry is heard in the UK's regulatory system. Antonio has served on the Panel for the previous two years and appreciates how important the role of Chair is so that the regulator and financial services industry can have a dialogue that is both challenging and constructive. I look forward to working with him in his new role."
Antonio Simoes, CEO of HSBC UK, said:
"It's an honour to have been invited to chair the FCA practitioner panel. I'm looking forward to making a positive contribution to the important role the panel plays in supporting the regulatory framework in the UK, at a time when rebuilding trust in the financial services industry has never been more important. My focus will be on fostering a constructive dialogue between the panel and both the Executive and the Board of the FCA."
The FCA Practitioner Panel is an independent statutory body that represents the interests of the financial services industry within the UK’s regulatory framework. Panel members are recruited to represent sectors and the industry as a whole, rather than individual firms.
Notes to editors
The FCA Practitioner Panels are part of the system that the FCA set up to make and maintain effective arrangements for consulting practitioners and consumers on the extent to which its general policies and practices are consistent with its general duties, as set out in the Financial Services and Markets Act 2000 (as amended).
Appointments of the Chairs of the Statutory Panels are made by the FCA Board and are approved by HM Treasury.
Antonio Simoes has been CEO for HSBC in the UK since November 2012 and has responsibility for the Retail and Wealth Management, Commercial, Global Banking and Markets, and Private Banking businesses. He is deputy Chief Executive of HSBC Bank plc, the Group's principal European subsidiary. Antonio has been a Director of HSBC Bank plc since January 2012. He is also a Director of the French subsidiary of HSBC Bank plc, and a Board member of the British Bankers' Association. Antonio is one of the founding practitioner members of the Banking Standards Board, and is a Trustee of 'Movement to Work' - a voluntary collaboration of leading UK employers to tackle youth unemployment. Before joining HSBC, Antonio was a partner at McKinsey & Company’s London office and also worked at Goldman Sachs.
More details about the FCA Practitioner Panel.
On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA). On 1 April 2014, the FCA took over responsibility for consumer credit regulation.
The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
