FCA taps Bank of England official for supervisory role

A Bank of England official who was was involved in the Financial Conduct Authority’s controversial decision last year to scrap a review into Britain’s banking culture has been handed a permanent role at the City regulator.

Megan Butler has been appointed permanently to the role of director of supervision for investment, wholesale and specialists at the FCA.

She has, until now, been carrying out the role on secondment from the Bank of England’s Prudential Regulatory Authority. Her secondment began in September last year.

As the Financial Times revealed, Ms Butler, a barrister, was involved in overseeing the FCA’s decision in December last year to drop its inquiry into whether banks had modified their behaviour since the financial crisis.

Amid political backlash, the FCA has insisted external pressure had not influenced its decision.

Tracey McDermott acting chief executive of the FCA said of her appointment:

I am delighted that Megan has decided to stay at the FCA. She is an extremely experienced regulator with an excellent reputation in wholesale markets and has established herself as a key member of the FCA’s executive team over the past nine months.

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