James, who has been a member of the panel since September 2020, will take up the post from 1 March 2022. She succeeds Paul Feeney, chief executive of Quilter.

The FCA practitioner panel is an independent statutory body providing input from the industry to help the FCA meet its objectives.

The FCA also has statutory panels representing the interests of consumers, practitioners at smaller businesses and wholesale market participants.

Charles Randell, chair of the FCA, said: “As an experienced panel member, Penny already understands the panel’s role in providing robust and constructive challenge to help guide our transformation and approach to the future of regulation.

“I look forward to working with her in her new role. I would like to thank Paul for his contribution as both a member and chair, and especially for his skilful steering of the panel through the challenging pandemic period.”

James added: “The panel is an important forum for senior industry practitioners, spanning a range of sectors, to engage and use its expertise as a critical friend to support the FCA’s work.

“I look forward to continuing to work with panel colleagues, where our collective experience and insight can be called upon to help the FCA with its strategic and operational objectives.”