Mr Feeney will take up the post from 1 January and will succeed Tulsi Naidu, chief executive of Zurich UK who has been a panel member since 2015.

The FCA Practitioner Panels are part of the FCA’s mechanism for consulting practitioners on policies and practice.

The Practitioner Panel provides the FCA with external and independent input from the industry and helps influence FCA policy.

Mr Feeney said: “At a moment in time when the industry and the regulator face unprecedented challenges it is especially important that the FCA can call on the expertise of senior industry practitioners.

“I look forward to working together with my colleagues on the Panel and drawing on their broad experience across a range of sectors to help the FCA build public confidence in, and engagement with, financial services.'

FCA’s Chair Charles Randell said: “Paul has served on the Panel for a number of years and appreciates the important role the Panel plays in ensuring our regulation is targeted and effective.

“As we approach the end of the Brexit transition period and tackle the impact of the Coronavirus pandemic, the robust and constructive challenge of the Panel will continue to be a critical part of our governance. I know Paul will continue the excellent work of his predecessor and I look forward to working with him in the years ahead.

'I would like to thank Tulsi for her contribution as both a member and chair, and especially for quickly adapting the Panel’s working practices in the early days of the pandemic, allowing it to provide timely input into the FCA’s work.”

Mr Feeney has had a long career in financial services and was appointed chief executive of Quilter plc (previously Old Mutual Wealth) in 2012. He has also worked for BNY Mellon Asset Management International, Gartmore Investment Management and NatWest Private Bank and NatWest Investments USA.