The appointment, effective from 1 March 2019 and for an initial three-year term, has been confirmed by the Treasury.

Ms Goldwag will be the public face of the panel, leading and giving strategic direction by representing the panel’s views to the FCA board and to the senior staff within the FCA and represent the panel outside the FCA.

In addition to this, she will lead the development of the panel’s work and ensure that performance goals are met.

She succeeds Sue Lewis, who was chair for a total of five and a half years.

Charles Randell, FCA chair, said: “The Consumer Panel plays a vital role in ensuring that the FCA hears the voice of consumers.

“I am sure that Wanda will continue the important work of the panel and I look forward to working with her in her new role.

“I would like to thank Sue for her contribution to the work of the panel and also Mark Chidley, who stood in as interim chair for two months.”

Ms Goldwag said: “The panel plays a significant part in ensuring the FCA meets its objectives – and particularly to secure an appropriate degree of protection for consumers – and I’m looking forward to meeting regularly with the chair and chief executive of the FCA to promote consumer interests.

“Sue Lewis was a very strong consumer champion and will be a hard act to follow but I am excited about the challenge of exerting influence on the future shape of financial conduct regulation in the UK.”

The Financial Services Consumer Panel is an independent statutory body set up to represent the interests of consumers in the FCA’s development of policy.

It works to advise and challenge the FCA from the earliest stages of its policy development to ensure the regulator takes into account the consumer interest.