Brexit ‘turmoil’ threatens the FCA’s focus on consumers, the chair of a watchdog says.

Sue Lewis issued the warning today as it was announced that she has been re-appointed the chair of the Financial Services Consumer Panel.

She believes the EU referendum result leaves new FCA chief executive Andrew Bailey facing a hard challenge. He has taken over this month, following the departure of Martin Wheatley last year.

Ms Lewis, who is also a consumer advocate member of the Chartered Insurance Institute’s professional standards board, said: “Andrew Bailey faces a tough task maintaining the FCA’s consumer focus in light of the turmoil caused by the outcome of the EU referendum.

“Those who appear to have forgotten the financial crisis will put him under a lot of pressure to make regulation more ‘industry friendly’. The panel is a strong team, with wide ranging expertise.

“We will do all we can to support Andrew and his colleagues to make financial services markets work well for individual and small business consumers.”

Ms Lewis will remain as chair for a further two-and-a-half-years.

She said: “The need for a strong, independent, consumer voice has never been greater. I am pleased to have the opportunity to carry on leading the panel’s work.”

Ms Lewis, previously a civil servant, is also a trustee at the Personal Finance Education Group and StepChange.

She has also held the role of head of savings and investments at the Treasury.

John Griffith-Jones, chairman of the FCA, said: "I am pleased to be able to re-appoint Sue as panel chair. Her passion for consumer issues and hard work over the past three years meant she was the natural choice to continue in the role.”