New directors enhance FCA Board for 2026

The Economic Secretary to the Treasury has today confirmed that Lea Paterson CBE and Matthew Tobin have been appointed as Non–Executive Directors to the Board of the Financial Conduct Authority (FCA). Their terms will commence on 1 October 2026, and they will each serve an initial three-year term.

Lea Paterson CBE brings a wealth of experience to the Board, having held various roles in regulation, central banking, and financial journalism. Before her current positions, including being a Civil Service Commissioner and a Board Member at the Independent Parliamentary Standards Authority, she served as the Economics Editor at The Times between 2000 and 2004. Her previous senior roles in the Bank of England have endowed her with strong skills in public accountability, strategic communications, and overall risk management. She was designated Commander of the Order of the British Empire in recognition of her services to the economy in the 2023 New Year’s Honours List.

Matthew Tobin, a senior financial services lawyer and former Partner at Slaughter and May, has over 20 years of extensive experience advising HM Government and major financial institutions on various matters. His expertise covers systemic risk, statutory schemes, and other market-critical interventions across diverse financial sectors, including banking and capital markets. Tobin has provided strategic advice on various government interventions, such as the Asset Protection Scheme and the COVID Corporate Financing Facility. His deep understanding of the UK financial services regulatory framework and experience with FTSE100 and FTSE250 companies will be invaluable to the FCA.

The Economic Secretary to the Treasury, Rt Hon Lucy Rigby KC MP, expressed her satisfaction regarding the appointments, stating, "I am very pleased to announce the appointments of Lea Paterson and Matthew Tobin to the Board of the Financial Conduct Authority. The government has been clear that it wants to deliver better regulation that supports businesses to grow and innovate, in a responsible way." Chair of the FCA Board Ashley Alder also welcomed them, saying, "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."

The appointments were made following a fair and open recruitment process conducted by HM Treasury, which aims to ensure a diverse range of applicants for public positions. Both Paterson and Tobin confirmed they have not engaged in any political activity in the past five years, adhering to the standards required for public appointments.

The Financial Conduct Authority serves as the conduct regulator for the UK’s financial services firms and markets, overseeing the conduct of around 42,000 businesses and setting prudential standards for approximately 17,000 firms. The FCA's key objectives are to ensure markets function effectively while providing an appropriate level of consumer protection. Through their strategic oversight, Paterson and Tobin will aim to support innovation and maintain high standards of consumer protection and market integrity.