FCA and PSR Boards appoint new members

The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) Boards have appointed two new Deputy Chairs, Margaret Obi and Edward Sparrow to the FCA’s Regulatory Decisions Committee (RDC) and the PSR’s Enforcement Decisions Committee (EDC). 

The two committees are responsible for taking certain regulatory decisions on behalf of the FCA and PSR. Members are drawn from across a spectrum of business, consumer and industry experience.

Margaret Obi is a former partner in a leading criminal defence practice. In 2014 she left private practice to become an independent legal consultant. She is currently a member of The Pensions Regulator’s Determinations Panel and in February 2023 she was appointed as the First Service Police Complaints Commissioner. OBI also sits as a Deputy High Court Judge. Margaret’s other work includes advising lawyers in relation to investigations undertaken by the Serious Fraud Office and the National Crime Agency. She advises international legal teams defending allegations of war crimes in the International Criminal Court and advises on disputes between states in the International Court of Justice. She is an independent Legal Assessor and Legally Qualified Chair for various statutory bodies. She is also a trustee/director of Appeal, a charity and law practice dedicated to fighting miscarriages of justice and advocating for reform of the criminal justice system.  

Edward Sparrow was previously a partner and consultant in the Disputes practice at Ashurst LLP. In his 48 years at the firm, he filled several roles including Head of Litigation and was a member of the Board. His disputes practice involved acting for major corporate and financial institutions in challenging and complex situations; most recently focussing on regulatory investigations and proceedings involving financial institutions and their employees. Sparrow is also a member of the Bank of England’s Enforcement Decision Making Committee and, until the end of 2022, served as Chair of the City of London Law Society.  He has a number of roles at charities. 

The new appointments are made ahead of the existing Deputy Chairs, Elizabeth France and John Hull, standing down later this year after the completion of their terms.  

Tim Parkes, the Chair of the RDC and EDC, said “I am delighted to welcome our two new Deputy Chairs.  Margaret and Edward bring with them a wealth of knowledge and experience, including their experience of chairing and decision-making, which will enhance the capability and effectiveness of the RDC and EDC.”

“By the time they stand down, Elizabeth and John together will have provided nearly 16 years’ outstanding service as Deputy Chairs and I would like to thank them both for their commitment to the work of the committees.”