The Financial Conduct Authority’s (FCA) former head of supervision, whose department was publicly criticised for its lack of oversight over the mini-bonds scandal, is set to leave the regulator.
The City watchdog announced today (6 December) that Megan Butler will step down from her role as executive director of transformation next year.
Butler’s appointment as executive director of the FCA’s new supervision and policy divisions was criticised earlier this year.
She was previously in charge of supervision at the regulation and her department was criticised for ignoring and missing failings by collapsed mini-bonds provider London Capital & Finance.
Following the collapse of the mini-bond provider, Dame Elizabeth Gloster chaired an investigation into the FCA, which highlighted several regulatory failings and named Butler alongside former FCA chief executive Andrew Bailey and executive director of supervision, retail and authorisations, Jonathan Davidson.
Bailey has since become governor of the Bank of England and Davidson has moved to a role as senior adviser to the FCA on climate change.
The FCA has now announced that Butler will leave next spring.
Her departure is unconnected to the LCF report and mini bonds scandal.
Emily Shepperd will instead lead the FCA’s transformation programme, alongside her role as executive director of authorisations.
“Megan has been at the heart of the effort to raise standards in financial services,” Nikhil Rathi, chief executive of the FCA, said.
“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.”
Butler said she would look back at her 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,” she said.
“I look forward to watching and supporting that work as it continues.”
The FCA also announced that it has appointed Stephen Braviner Roman as general counsel and as a member of its executive committee.
He was previously at the Government Legal Department, where he advised on Brexit, and will join the FCA in February 2022.