Megan Butler is relinquishing her role as executive director of transformation at the Financial Conduct Authority.
Butler (pictured right) joined the regulator in 2016 from the Bank of England as executive director of supervision for its investment, wholesale and specialist division. Last November, she stepped up to helm its transformation programme following a management reshuffle.
The FCA has vowed to do better by becoming a more “proactive” and “assertive” regulator in a bid to repair its reputation following a series of scandals, including the implosion of Neil Woodford’s equity income fund.
Butler herself came under fire by MPs last year for the FCA’s handling of collapsed mini-bond provider LCF, which happened on her watch as director of supervision.
In June, the City watchdog admitted it was wrong for giving Butler another senior role in the organisation without conducting an external recruitment process, despite a report from Dame Elizabeth Gloster finding she was responsible for “important areas of failure” in the LCF scandal.
Butler will step down in spring 2022 at which point she will be replaced by executive director of authorisations Emily Shepperd.
“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,” Butler said.
“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.”
In addition, the regulator said it had appointed Stephen Braviner Roman as general counsel and a member of its executive committee following an open competition.
Braviner Roman joins from the Government Legal Department (GLD) where he worked as director general of litigation, overseeing legal advice given to the Home Office, Ministry of Defence, Ministry of Justice and Department for Culture, Media and Sport. He was also responsible for GLD’s advice on Brexit.
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