Who is responsible for appointing the board members of the FCA?

The Treasury is responsible for appointing the board members of the Financial Conduct Authority (FCA). This responsibility is embedded in the governance structure of the FCA, which operates under the framework established by the Financial Services and Markets Act 2000 and subsequent amendments. The Treasury plays a key role in ensuring that the FCA's board comprises individuals with the requisite experience and expertise to oversee the effective regulation of financial markets and services.

This process of appointment underscores the government’s influence in overseeing regulatory bodies, reinforcing accountability and alignment with national financial objectives. The relationship between the FCA and the Treasury is crucial for ensuring that the regulatory body functions effectively and responds to changes in the financial landscape.

In contrast, while the Prime Minister and the Chancellor of the Exchequer hold significant positions in government, they do not have a direct role in the appointment of board members for the FCA. The Financial Services Authority, which was the previous regulatory body before the FCA was established, no longer exists and therefore cannot appoint board members. This distinction clarifies the structure and accountability of financial regulation in the UK.