FCA Announces Changes To Its Executive Committee

Megan Butler has announced she will step down from her role as Executive Director of Transformation in the spring. Megan joined the FCA from the Bank of England in 2016 as Executive Director of Supervision – Investment, Wholesale and Specialist. Emily Shepperd will lead the FCA’s transformation programme, alongside her role as Executive Director of Authorisations, where since March she has spearheaded changes to our approach to the gateway and has been leading a number of transformation workstreams.

Stephen will join the FCA from the Government Legal Department (GLD), where he is Director General of Litigation, Justice and Security. In this role he oversees legal advice given to the Home Office, Ministry of Defence, Ministry of Justice and Department for Culture, Media and Sport.

Stephen was previously responsible for the GLD's advice on the UK’s departure from the European Union. Stephen is the GLD Board’s lead on Diversity & Inclusion.

David Scott has held the role of General Counsel on an interim basis while the FCA recruited a permanent appointee. David will continue to work at the FCA part-time during a handover period.

Nikhil Rathi, Chief Executive of the FCA, 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.

'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.

'Emily has over 20 years’ experience leading significant change initiatives as an executive leader and has made a very positive impact since her arrival at the FCA in March. We welcome her expertise as she takes on a wider remit.'

Stephen Braviner Roman, said: '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.'

Megan Butler, 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.'

Background

1. Stephen Braviner Roman joined the Treasury Solicitor’s Department in 1994. He has been Director General of the Government Legal Department since 2014. Before that, he was Legal Director at the Department for Communities and Local Government (2013-2014), Serious Organised Crime Agency (2011-12) and Department for Business, Innovation and Skills (2008-2011). Stephen was Deputy Director at the Home Office (2005-2008), Attorney General’s Office (2002-2005) and Northern Ireland Office (2001-2002).

2. Megan Butler was appointed Executive Director for Transformation in November 2020. Previously she was Executive Director of Supervision – Investment, Wholesale and Specialist. Megan joined the FCA in June 2016 from the Bank of England, where, from 2013, she was Executive Director of the International Banks Directorate, having moved from the Financial Services Authority (FSA). Megan joined the Financial Services Authority in 2000. Before this, she spent several years at the London Stock Exchange in a variety of legal and non-legal roles, including Head of Capital Markets. Megan is a Barrister, called to the bar in 1987.

3. Emily Shepperd oversees Authorisations, which decides on the applications of firms and individuals seeking to carry out regulated financial services activity, as well as the Supervisory Hub, which acts as first point of call into the FCA for consumers and firms. Before joining the FCA, Emily was Director of Customer Services and Change at Aegon UK. Prior to this, Emily was EMEA Chief Operating Officer for Bank of New York Mellon where she led operations, technology and change across all businesses and support areas, ranging from global markets to asset servicing.

4. David Scott joined Freshfields Bruckhaus Deringer LLP in 1988, qualified in 1990 and retired as partner in October 2020. During this time, David specialised in High Court litigation and regulatory investigations and proceedings. David has acted for the Bank of England and FSA. He spent 18 months on secondment to the FSA as member of the team responsible for developing the Financial Services and Markets Act 2000 (FSMA). David also represented the FSA during the Equitable Life insurance company inquiries. David joined the FCA as Interim General Counsel in June 2021.