Direct Line Group CEO Penny James (pictured), who has been a member of the Financial Conduct Authority (FCA) Practitioner Panel since 2020, will lead the panel as its chair beginning March 01, 2022.
The FCA’s statutory panels represent the interests of consumers, practitioners at small businesses, and wholesale market participants. They aim to make and maintain effective arrangements for consulting practitioners while ensuring that FCA’s general policies and practices remain consistent with its general duties, as set out in the Financial Services and Markets Act 2000.
Meanwhile, the FCA Practitioner Panel is an independent statutory body providing input from the industry to help the financial regulatory body meet its objectives.
James, who succeeds Quilter CEO Paul Freeney, has held various senior roles over the years, most recently as Direct Line Group CEO since 2019. Previously, she was the group chief risk officer and executive director at Prudential plc, director of group finance at Prudential, group CFO at Omega Insurance Holdings Limited, and CFO (UK general insurance) at Zurich Financial Services.
FCA chair Charles Randell stated that James already understands the panel’s role in providing robust and constructive challenge to help guide its transformation and approach to regulation.
“I look forward to working with her in her new role. I would like to thank Paul for his contribution as both a member and chair, and especially for his skilful steering of the panel through the challenging pandemic period,” Randell added.
Commenting on her new role at FCA, James said: “The panel is an important forum for senior industry practitioners, spanning a range of sectors, to engage and use its expertise as a critical friend to support the FCA’s work. I look forward to continuing to work with panel colleagues, where our collective experience and insight can be called upon to help the FCA with its strategic and operational objectives.”
