The Financial Conduct Authority (FCA) has appointed senior executives from JPMorgan, BlackRock, and the London Stock Exchange Group (LSEG) to a new advisory panel that will guide the regulator's post-Brexit market reforms. The panel, announced on Wednesday, is part of the FCA's efforts to enhance the competitiveness of UK capital markets following the country's departure from the European Union.
Panel Composition and Mandate
The panel includes Naguib Kheraj, former chairman of JPMorgan's European business; Mark McCombe, BlackRock's chief client officer; and David Schwimmer, CEO of LSEG. They will advise the FCA on how to make UK markets more attractive to issuers and investors, focusing on areas such as listing rules, prospectus requirements, and market abuse regulations.
The FCA said the panel will provide external expertise and challenge, helping to ensure that reforms are practical and aligned with global standards. The move comes as the UK government pushes to maintain London's status as a leading financial center post-Brexit.
Context and Impact
The reforms are part of a broader review of UK financial regulation, which includes the Financial Services and Markets Bill currently before Parliament. The FCA has already proposed changes to listing rules to attract more high-growth companies, including special purpose acquisition companies (SPACs).
According to the FCA, the advisory panel will meet quarterly and report to the regulator's board. The appointments are effective immediately, with the first meeting scheduled for next month. The FCA expects the panel to help balance investor protection with market competitiveness.
Industry reactions have been positive. "This is a welcome step to ensure that the UK's regulatory framework remains fit for purpose in a post-Brexit world," said a spokesperson for TheCityUK, a financial services lobby group. However, some critics argue that the panel's composition leans heavily toward large financial institutions and may not adequately represent smaller firms or retail investors.
