Chairmen have been appointed to the three independent panels which will lead the process for constructive challenge of Financial Conduct Authority policies and practices from the point of view of regulated firms.

The FCA will be responsible for regulation of conduct in retail, as well as wholesale, financial markets and the infrastructure that supports those markets, when the existing regulator, the Financial Services Authority, is re-organised later this year.

Practitioner Panel chairman will be Graham Beale, chief executive of Nationwide Building Society; Smaller Business Practitioner Panel chairman will be Andrew Turberville Smith, finance director and chief operating officer of Weatherbys Bank, a traditional family-owned private bank.

Markets Practitioner Panel chairman will be Paul Swann, president and managing director of ICE Clear Europe.

In addition, two new appointments have recently been made to the Practitioner Panel, to replace former members: Alison Brittain, group director of retail at Lloyds Banking Group; and Michael Dobson, chief executive of Schroders.