Appointment of members of the Enforcement Decision Making Committee

Following an external recruitment process and consultation, the Bank of England (Bank) has appointed three new members to its Enforcement Decision Making Committee (EDMC) taking the total to nine.

The EDMC is the Bank’s decision-making body for contested enforcement cases in the statutory regimes the Bank operates in relation to Prudential Regulation, Financial Market Infrastructures, Resolution and Notes issuance.

David Roberts, the Chair of the Court of the Bank of England, said:

‘I am delighted to welcome the new members of the Bank‘s Enforcement Decision Making Committee. The Committee – which is functionally independent from the Bank’s investigation teams and other Bank staff – takes decisions on any contested enforcement actions. The Committee was established in 2018. Since then, with the passing of the Financial Services and Markets Act 2023, the remit of the Committee has extended to cover all the areas in which the Bank has enforcement powers (Prudential Regulation, Financial Market Infrastructures, Resolution and Note issuances). The appointment of the new members, with their impressive range of the expertise and experiences, reflects the expansion of the breadth of the Committee’s remit’.

Sonya Branch, General Counsel of the Bank of England, said:

‘The appointment of these three additional distinguished experts to oversee contested enforcement decisions once again reinforces the Bank’s commitment to transparency, due process and independent scrutiny across all of the Bank’s enforcement activities’.

About the new members

Harry Matovu KC

Harry Matovu KC is a barrister and King’s Counsel in practice at the English Commercial Bar. He is a senior member of Brick Court Chambers in London, and his practice includes major domestic and international commercial disputes across a wide range of financial services and commercial sectors. He also sits as an arbitrator in major international commercial disputes.

He is a Governing Bencher of the Inner Temple, one of the four Inns of Court which govern the admission of lawyers to the Bar and provide support for barristers and student barristers, and he has previously held several positions in the governance structures of the Bar, including the Bar Council Professional Conduct and Professional Standards Committees. He has served as a Trustee of various charitable organisations, including 10 years as a Trustee and 5 years as Deputy Chair of Chichester Festival Theatre. He is founder and Chair of the Black Talent Charter, an initiative to improve the representation of Black executives and professionals in business and the professions.

Dame Clare Moulder DBE

Dame Clare Moulder DBE is a solicitor who for many years was a partner at the international law firm, Linklaters, advising banks and large companies on a wide range of banking and capital markets transactions and latterly specialising in derivatives and structured products. Dame Clare was appointed a part time judge (recorder) in 2010 and a full-time judge in 2015. In 2017 she became a High Court Judge (KBD) and since retiring in 2022 has continued to sit on a regular basis in the Commercial Court hearing complex commercial disputes often involving financial institutions or firms.

Pauline Wallace

Pauline Wallace is a Chartered Accountant. She currently chairs the UK Endorsement Board which is responsible for the adoption of International Financial Reporting Standards in the UK and sits on the Determinations Panel of The Pensions Regulator. From 2013 to 2019, she was a member of the Regulatory Decisions Committee at the Financial Conduct Authority. Prior to 2013, Pauline was a partner in PwC, initially leading the global financial instruments team and subsequently as the UK head of public policy and regulatory affairs for the firm.

About the EDMC

The outcome of most disciplinary enforcement cases is agreed between the Bank and the relevant firm or individual. However, if a firm or individual decides to contest a case brought by the Bank, the EDMC Chair will convene an EDMC panel of three or more drawn to consider the evidence, hear any representations and make the decision. A full description of the EDMC and its procedure is set out in the EDMC Procedures, published in January 2024.

EDMC members are appointed for a five-year term, and they may be reappointed for a second term. Members can serve a maximum of two terms. The existing six members include: Sir William Blair (EDMC Chair); Baroness Kishwer Falkner; Anne Heal; Mark Hoban; Philip Marsden (EDMC Deputy Chair) and; Edward Sparrow.

1. EDMC Procedures – January 2024
2. The Bank’s Approach to Enforcement – January 2024
3. CP9/23 – The Bank of England’s approach to enforcement: proposed changes and clarifications | Bank of England – May 2023
4. The Bank of England’s approach to enforcement: proposed changes to statements of policy and procedure following the Financial Services and Markets Act 2023 | Bank of England – March 2024