Exciting New Appointments Announced for the Financial Conduct Authority Board in 2026

Lea Paterson CBE and Matthew Tobin are set to begin their terms on 1 October 2026, each serving an initial three-year period.

Lea Paterson’s Extensive Experience

Lea Paterson CBE brings a wealth of experience as a non-executive director and executive leader, with a notable background in regulation, central banking, and financial journalism. Between 2000 and 2004, she was the Economics Editor at The Times. Her senior roles at the Bank of England have equipped her with expertise in public accountability, strategic communications, people management, and risk management. Moreover, her regulatory leadership extends beyond the financial services sector. Currently, she serves as a Civil Service Commissioner and holds positions as a Board Member at the Independent Parliamentary Standards Authority (IPSA) and as an independent member of Warwick University’s Remuneration Committee. Additionally, she is involved in various voluntary and community roles and was appointed Chair of the Senior Salaries Review Body in 2024. Her contributions to the economy were recognised when she was awarded Commander of the Order of the British Empire (CBE) in the 2023 New Year’s Honours List.

Matthew Tobin’s Legal Expertise

Matthew Tobin, a seasoned financial services lawyer and former Partner at Slaughter and May, has amassed over two decades of experience advising HM Government, regulators, and major financial institutions on issues related to systemic risk, statutory schemes, and critical market interventions across various sectors, including banking, capital markets, and lending. His advisory role has included significant interventions such as the Asset Protection Scheme, the Credit Guarantee Scheme, the COVID Corporate Financing Facility, and the nationalisation of Bradford & Bingley. Tobin frequently advises FTSE100 and FTSE250 boards and treasury functions on financing strategies, regulatory changes, disclosures, and operational resilience, showcasing his deep understanding of the UK financial services regulatory framework.

Government’s Commitment to Regulatory Improvement

The Economic Secretary to the Treasury, Rt Hon Lucy Rigby KC MP, expressed her satisfaction with the appointments of Lea Paterson and Matthew Tobin to the Board of the Financial Conduct Authority (FCA). She stated, “The government has been clear that it wants to deliver better regulation that supports businesses to grow and innovate, in a responsible way. The FCA is a key partner in delivering that, so I’m delighted that it will benefit from the extensive expertise that Lea and Matthew will bring to its Board.”

FCA Board’s Vision for the Future

Chair of the FCA Board, Ashley Alder, also welcomed the new appointees, highlighting the importance of their experience and perspectives as the Board enters a critical phase of its strategy. He remarked, “I am delighted to welcome Lea Paterson and Matthew Tobin to the FCA Board. As we enter the next phase of delivering our strategy, their experience, judgement and fresh perspectives will help guide our work at an important time for consumers, markets and the wider economy. I look forward to working with them as we continue to support growth and innovation while maintaining high standards of consumer protection and market integrity.”

Transparent Appointment Process

The joint appointments of Lea Paterson CBE and Matthew Tobin were made by the Economic Secretary and the Department for Business, Innovation, Science and Trade, following a transparent and open recruitment process conducted by HM Treasury. The Treasury is dedicated to ensuring a diverse range of candidates for public appointments, including those at the Financial Conduct Authority, and actively seeks to attract a broad pool of suitable applicants for these positions.

Overview of the Financial Conduct Authority

The Financial Conduct Authority (FCA) serves as the conduct regulator for the UK’s financial services firms and markets, overseeing the operations of approximately 42,000 businesses and establishing specific prudential standards for around 17,000 firms. The FCA’s overarching strategic objective is to ensure that relevant markets function effectively. To achieve this, it has three operational objectives: securing an appropriate degree of consumer protection, safeguarding and enhancing the integrity of the UK financial system, and promoting effective competition in consumers’ interests. Additionally, it aims to facilitate the international competitiveness of the UK economy and support its growth in the medium to long term.