One of the FCA’s most senior executives, director of transformation Megan Butler, is to step down after only one year in a new role.

The FCA announced her departure today in a number of executive changes which will see Stephen Braviner Roman appointed as general counsel and as a member of its FCA executive committee.

He is expected to join the FCA in February next year.

The FCA has made numerous executive changes over the past six months following the criticism it received due to the £236m failure of mini-bond firm London Capital & Finance. 

In March this year the FCA scrapped performance-related pay and bonuses for senior FCA executives and announced it would cut average salaries for executive committee members this year.

Ms Butler will step down from her role as executive director of transformation in the spring. She was appointed to the role in November 2020 and has been at the FCA for a total of six years.

The qualified barrister, joined the FCA from the Bank of England in 2016 as executive director of supervision – investment, wholesale and specialist. 

Megan Butler, said: “With transformation now well under way, it is the right time to hand over to Emily and the rest of the talented executive team Nikhil has put together. I will look back at over six years with the regulator with pride. It has been a privilege to work alongside dedicated colleagues determined to shape a better financial services industry. I look forward to watching and supporting that work as it continues.”

Emily Shepperd will now lead the FCA’s transformation programme, the FCA says, alongside her role as executive director of authorisations. She has been leading a number of transformation initiatives.

Mr Roman will join the FCA from the Government Legal Department (GLD), where he is director general of litigation, justice and security. He oversees legal advice given to the Home Office, Ministry of Defence, Ministry of Justice and Department for Culture, Media and Sport.

He was previously responsible for the GLD's advice on the UK’s departure from the European Union and is a GLD board lead on Diversity & Inclusion.

David Scott has held the role of general counsel on an interim basis while the FCA recruited a permanent replacement. He will continue to work at the FCA part-time during a handover period.

Nikhil Rathi, chief executive of the FCA, said: “Stephen’s extensive experience of advising ministers on such a wide range of legal issues and managing over 1000 lawyers will be invaluable given the scale and variety of the FCA’s remit. I want to thank David for so ably leading the FCA’s legal function on a temporary basis. My colleagues and I have been – and will continue to be over the coming months – grateful for his wise advice.

“Megan has been at the heart of the effort to raise standards in financial services. She was at the forefront of our work to ensure firms’ resilience during the pandemic and her leadership has been invaluable in ensuring the transformation of the FCA - into the innovative, assertive and adaptive regulator we aspire to be – is now well progressed. I have hugely appreciated Megan’s experience and advice since joining the FCA. She will leave with my best wishes and the gratitude of the whole organisation.

“Emily has over 20 years’ experience leading significant change initiatives as an executive leader and has made a very positive impact since her arrival at the FCA in March. We welcome her expertise as she takes on a wider remit."

Mr Roman, said: “I’m delighted to be joining the excellent team at the FCA. This is a crucial period for consumers, financial markets and the FCA and I’m looking forward to starting."