The Financial Conduct Authority has appointed new chairs to lead two of its most important panels.

Andy Mielczarek will be chair of the FCA Smaller Business Practitioner Panel and Helen Charlton will be chair of the Financial Services Consumer Panel. 

They replace Marlene Shiels and Wanda Goldwag and both will take up their roles on 1 June 2022 for a three-year term. 

The FCA said that the roles were filled following an open recruitment process. 

The Consumer and Smaller Business Practitioner Panels are independent, statutory bodies.  

They represent the interests of consumers and those who work in small or medium-sized financial services firms.  

Their functions are to supervise the FCA as it develops policy and its regulatory approach. 

Charlton, who has a background in the energy and waters sector, said: “The panel has such an important role in representing the interests of consumers in the financial services sector.  

“This is particularly pertinent now, when consumers are under pressure due to the cost of living.  

“And within the financial services sector, there are important developments such as the FCA’s new Consumer Duty and the challenges and opportunities posed by new technologies. 

“I am pleased to have the opportunity to serve as chair of the Financial Services Consumer Panel, and at such a critical juncture.” 

Mielczarek said that a majority of FCA regulated firms are smaller businesses.

Therefore, the FCA Smaller Business Practitioner Panel plays a vital role in connecting those firms with the FCA, he added.  

This is because it aims to maintain a constructive dialogue with the regulator and make sure it is fair and effective. 

Mielczarek, who has worked in banking, said: “With the challenges that we expect in the economy over the coming months, this dialogue will be more important than ever to make sure that we are able to respond in the best way to any challenges that arise.  

“I look forward to continuing the work of the panel to help the FCA meet its strategic objectives.” 

The Financial Ombudsman Service launched a temporary outcomes code initiative in November 2021, to encourage businesses to proactively settle complaints more quickly.

It ran for a limited period until March 2022.

It has secured up to £22m in redress for customers following the launch of a settlement initiative.