Ms Lichner and Ms Conrol will each serve three-year terms beginning on 1 April 2020 and 1 August 2020 respectively.

They will join the board as Amelia Fletcher OBE and Catherine Bradley CBE step down following the end of their terms as non-executive directors, having served since April 2013 and August 2014 respectively.

Amelia Fletcher will also step down as a non-executive director of the Payment Systems Regulator (PSR). Nick Stace, who was appointed in April 2017, has also stepped down from the FCA and PSR Boards as of 29 January 2020.

Current FCA chief executive Andrew Bailey will stand down from both the FCA and PSR boards on 15 March.

Jeannette Lichner

John Glen, the economic secretary to the Treasury, said: “The work of the FCA is crucial in ensuring we continue to have a world-leading financial services sector. I am therefore delighted to announce the appointments of Bernadette Conroy and Jeannette Lichner to the FCA Board. Their expertise and knowledge will be highly valuable to the FCA as it carries out its vital role.”

Charles Randell, chair of the FCA, added: “I’m delighted to welcome Jeannette and Bernadette to the FCA Board. They have extensive combined experience both in financial services and a range of public service organisations. I would also like to thank Amelia, Catherine and Nick for their valuable support and challenge to the FCA.”

The new members will bring a variety of experience and knowledge to the bod.

Ms Conroy has senior manager and non-executive experience in organisations in both the public and private sectors, including financial services. Her current roles include being chair of a housing association and a non-executive director for Community Health Partnerships.

Ms Lichner has a background in international financial services and has held senior leadership roles in a number of major financial organisations. Her current roles include being a non-executive director at Miller Insurance Services.