The Regulatory Decisions Committee that makes enforcement and supervisory determinations on behalf of the Financial Conduct Authority of the UK has received two new members.

These are Karen Johnston and Nick Lord. They join Stuart McIntosh, Philip Marsden, Robin Mason and Malcolm Nicholson who were appointed last year.

The RDC's membership is drawn from a kaleidoscope of business, consumer and industry people. Tim Parkes, its chairman, said: “Karen and Nick bring a wealth of consumer-focused knowledge and experience in the consumer credit and other sectors, which will complement existing committee members.

“Stuart, Philip, Robin and Malcolm joined the RDC during 2016.  All four are members of other FCA and PSR decision-making committees and contribute a wide range of legal and academic expertise, as well as experience of collective decision-making, which will enhance overall the capability and effectiveness of the RDC.”

It was in 2010 that the old Financial Services Authority, the present regulator's predecessor, brought in a new regime for fines and penalties with the claim that its decisions were going to be ‘scientific’ from then on. In fact, the Regulatory Decisions Committee has continued to make arbitrary decisions using various loopholes in DEPP, the Decision Procedure and Penalties manual, in the years since.