The Financial Conduct Authority (FCA) has undergone major change in recent years.

In October 2020, Nikhil Rathi replaced Andrew Bailey as its CEO. In March 2023, Mark Steward stood down and was replaced by Therese Chambers and Steve Smart as joint Heads of Enforcement. In the same period, the Gloster Report, which had been commissioned after the collapse of London Capital & Finance in late 2020, severally criticised the FCA for failing to protect consumers.

During this time, the new CEO also implemented his ‘Transformation Programme’, seeking to make the FCA more innovative, assertive and adaptive.

However, as James Tyler writes in Compliance Monitor, on a closer inspection, questions remain.

For example, to what extent has the FCA’s Enforcement division met these objectives, and have any developments since the appointment of the new joint heads heralded major changes?

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