Charles Randell, chair of the Financial Conduct Authority (FCA), has appointed a chair of the smaller business practitioner panel.
Marlene Shiels, chief executive of Capital Credit Union, has been a member of the panel since 2015 and succeeds Craig Errington, group chief executive of Wesleyan. She will begin in her new role from 1 October 2019.
Randell said: “The smaller business practitioner panel plays a vital role in ensuring that the voice of smaller firms in the industry is heard in the UK’s regulatory system. I am sure that Marlene Shiels will continue the excellent work of her predecessors and I look forward to working with her in her new role.
“I would also like to thank Craig Errington for his contribution, over several years, to the work of the panel as a member and latterly as chair.”
Shiels said: ‘The smaller business practitioner panel plays a very important role in the regulatory environment. It represents a significant number of businesses across the country and ensures that their interests are at the forefront of change. I am looking forward to continuing to work with the FCA and key stakeholders to ensure smaller businesses are well represented through the smaller business practitioner panel.”
The FCA smaller business practitioner panel is an independent statutory body that represents the interests of practitioners of firms of small or medium size within their sector across FCA-regulated activities. Panel members are recruited to represent both their own sector and the industry as a whole, rather than individual firms.
In June the FCA published its full report into the RBS GRG scandal, expanding on its reasoning to press no charges against the institution.
An FCA-commissioned report released by the regulator in November 2017 identified “undue focus” on Global Restructuring Group’s (GRG) income at the expense of SME customers’ viability, as well as inadequate oversight of pricing practices.