FCA expands market advisory committee to 27 members
The Financial Conduct Authority has appointed 27 members to its Secondary Markets Advisory Committee for the period July 2026 to July 2028. The committee, which advises on wholesale secondary markets, has increased its size from 25 to 27 members.
FCA expands market advisory committee
The Financial Conduct Authority (FCA) has appointed 27 members to its Secondary Markets Advisory Committee (SMAC) for the period July 2026 to July 2028.
This expands the committee from its previous 25-member composition, reflecting a broader scope of expertise.
The SMAC is tasked with supporting the FCA's work in wholesale secondary markets, which include equities, fixed income, foreign exchange, and commodities.
Its oversight extends to various financial instruments such as securities, futures, swaps, and options markets.
The committee's members are drawn from diverse segments of the financial industry, ensuring a wide range of perspectives on market functioning and regulatory needs.
Jon Relleen, the FCA's Director of Infrastructure & Exchanges, will chair the committee, with the Trading Policy team providing secretariat support.
The SMAC, established in 2022, operates on two-year terms.
Mandate for market integrity
The Secondary Markets Advisory Committee's mandate is multifaceted, focusing on enhancing market integrity and consumer protection.
It assists the FCA in developing reforms that foster market competition and improve consumer safeguards.
A key responsibility involves identifying market changes, emerging trends, and potential risks that could affect the proper functioning of secondary markets.
This proactive approach ensures the FCA remains responsive to evolving challenges.
Additionally, the committee provides crucial data and analysis, which are vital for supporting the formulation of sound policy reforms.
The collective expertise of its expanded membership is intended to strengthen these advisory functions.
More hands, same complex challenge
The committee's expansion signals a clear recognition of increasing complexity in secondary markets.
However, simply adding members does not guarantee greater efficiency or more incisive recommendations, potentially risking diluted focus.
Its true impact will depend on synthesizing diverse views into actionable, coherent advice for the FCA.