Antonio Simoes, who takes up the post from 1 August after two years as a panel member, said it was a crucial time for “rebuilding trust in the financial services industry”.

All appointments to the panel have to go through the FCA board as well as being approved by the Treasury.

According to the the FCA Practitioner Panel website, the panel aims to support the FCA and represent “the interests of practitioners of larger firms”. It describes itself as a “critical friend” of the FCA.

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Mr Simoes will replace Alison Brittain, former group director of retail at Lloyds Banking Group, who has announced her departure from the financial services sector to join Whitbread as group chief executive.

Mr Simoes said: “It's an honour to have been invited to chair the FCA practitioner panel.

“I’m looking forward to making a positive contribution to the important role the panel plays in supporting the regulatory framework in the UK, at a time when rebuilding trust in the financial services industry has never been more important."

John Griffith-Jones, chairman of the FCA, said: “Antonio has served on the panel for the previous two years and appreciates how important the role of chair is so that the regulator and financial services industry can have a dialogue that is both challenging and constructive. I look forward to working with him in his new role.”