Where now for FCA's enforcement strategy?

Therese Chambers and Steve Smart have made their mark since they stepped into view as co-directors of Enforcement at the Financial Conduct Authority two years ago. Despite battling controversies, the duo appear to be making progress towards some of their goals, reports Neasa MacErlean.

Chambers, a lawyer with over 20 years' experience at the regulator, and Smart, formerly of the National Crime Agency, have made a few waves since they assumed these roles in 2023, together offering "a highly complementary skillset". [1] Joining on 1 April, three months before her colleague, Chambers was almost immediately in combat with the Upper Tribunal. Within a year, the duo proposed to publicise the names of firms they were investigating - a plan that provoked a blast of angry responses from the industry. Over the ensuing months, those issues were smoothed over, judicial relationships improved, the publicity plan was heavily diluted and, earlier this year, ditched.