Mr Hutcherson is appointed as a non-executive director.

She has 30 years’ experience in financial services and was a senior adviser to the CEO at Wells Fargo. She also held senior positions at Deutsche Bank UK.

Ms Conroy has has been reappointed to the board as a non-executive director for a second three-year term. She has nearly three decades experience in financial services sector at HSBC, Morgan Stanley and Booz Allen Hamilton.

In addition, the Treasury has reappointed Ben Broadbent for a third term to the Prudential Regulation Committee, the board of the Prudential Regulation Authority.

Economic Secretary to the Treasury Andrew Griffith said: “I am delighted with the appointment of Sophie Hutcherson to the board of the FCA, and I am pleased to be able to reappoint Bernadette Conroy to her role on the FCA’s board.

“Their wealth of commercial experience within the financial services sector will strengthen the FCA’s board and ensure the UK’s regulatory framework supports the Government’s vision at a time when Parliament is adding an important new duty on growth and international competitiveness.”

FCA chair Ashley Alder said: “I am delighted to welcome Sophie to the board of the FCA, bringing a wealth of commercial experience from her more than 30 years as a leader in the financial sector, and with the reappointment of Bernadette, so we can continue to benefit from her strong focus on strategic delivery.

“As the remit of the FCA continues to grow, it is vital our board can draw on a range of experiences."

The FCA is the conduct regulator for around 51,000 financial services firms and financial markets in the UK. Under the Financial Services and Markets Act 2000, the Treasury is responsible for appointing the members of the FCA board.