Members of the CBA Panel are senior level specialists. This includes a mix of CBA experts, those with experience in Financial Services and Economists with at least two individuals employed by FCA-Authorised firms.
Members are formally appointed by the FCA Board and the Chair must also have the formal approval of the Treasury. The FCA has adopted diversity targets for its independent panels reflecting those it introduced in April 2022 for the board and executive management of listed companies.
The Panel is supported by a secretariat and involves working closely with the FCA to plan the Panel’s work and manage engagement.
Dr Felix Martin (Chair) -
Non-Resident Senior Fellow at the Center for Global Development (Washington, DC)
Felix is an economist, fund manager, and development banker whose twenty-five year career in international finance has spanned both the public and private sectors. He is currently a Non-Resident Senior Fellow at the Center for Global Development in Washington, DC.
As a fund manager, he has designed, launched, and managed funds investing in global bond, currency, and credit markets, at publicly-listed asset managers, leading private firms, and his own independent boutique. Previously, he was an economist at the World Bank in Washington, DC, and General Secretary of the European Stability Initiative think tank in Berlin. His 2013 book Money: the Unauthorised Biography has been published in fourteen countries and ten languages, and was a Financial Times Economics Book of the Year.
Felix was educated in the UK, Italy, and the US, where he was a Fulbright scholar; and has a D.Phil. in Economics from Oxford.
Professor Mark Freeman (Deputy Chair) -
Professor of Finance and Associate Dean of the Faculty of Social Sciences (The University of York)
Mark is a Professor of Finance and an Associate Dean of the Faculty of Social Sciences at the University of York, where he was previously the Dean of the Management School.
Mark's research focuses on cost-benefit analysis and the estimation of discount rates. Much of his work centres on the economic evaluation of long-term projects, policy, and regulations, including measures aimed at protecting biodiversity and mitigating against climate change. He has provided guidance to a range of international public sector bodies on these matters, including HM Treasury, the Financial Conduct Authority, the Office for National Statistics, and the Department for Transport in the UK.
Mark has held a number of academic positions in the UK, the US, and Australia, while in his early career he was a brewing and distilling equity analyst in the City of London.
Alan Trotter -
Chief Financial Officer EMEA, Invesco
Alan is Chief Financial Officer EMEA at Invesco with previous senior leadership roles in banking and insurance.
He is the Chair of the Investment Association Prudential Regulation Committee and former member of the FCA Markets Practitioner Panel.
Alan is a chartered accountant and completed the INSEAD Advanced Leadership Programme. He graduated the University of Glasgow with a Bachelor of Accountancy Honours Degree including Economics.
Dr Daniel Fujiwara -
Director of Economics and Social Value, Social Value Portal
Daniel is an expert in policy evaluation, social value analysis and Cost-Benefit Analysis (CBA). His main areas of research focus on the valuation of non-market goods and services, distributional analysis in CBA and the use of wellbeing metrics in policy evaluation and CBA.
Edward Harley -
Head of Legal and Compliance, Global Platform Solutions, Fidelity International
Ed is the Head of Legal and Compliance for the platform and advisory businesses at Fidelity International and is the UK Chief Compliance Officer.
Prior to joining Fidelity in 2017, Ed held a range of senior positions in the Financial Services Authority and Financial Conduct Authority. These included running departments setting conduct policy and leading on supervision of the Asset Management sector.
After leaving the regulator, Ed worked within Compliance at Goldman Sachs Asset Management in London. His early career was as an Economist in the Civil Service.
He was educated at Oxford University and the London School of Economics.
Frances Haque -
Chief Economist, Santander UK
Frances is the Chief Economist for Santander UK, responsible for the economic analysis and macroeconomic forecasts used by the retail bank. Her team are responsible for developing: the analysis of economic risk scenarios to support the Prudential Regulatory Authority stress test and IFRS 9 processes; analysis for planning and strategic purposes; supporting the external customer work of the bank including speaking at a variety of events; and writing for external publications.
Prior to joining she worked for a variety of different institutions as a senior economist including, EY, BT, BBC, Ofcom and OFT.
She also specialises in Competition and Regulatory economics and has appeared on BBC, Sky, ITV and Bloomberg News, and Radio programmes including the Today and Wake up to Money programmes, providing commentary on published economic data and analysis.
Peter Andrews -
Senior Adviser at Oxera Consulting LLP
Peter studied law, accountancy and economics. He worked in finance in the City of London and then in financial regulation, latterly as Chief Economist of the FCA.
He is now a Senior Adviser at the economics consultancy Oxera Consulting LLP, providing services to public and private sector clients, mostly on regulatory matters.
His other recent activities include being a member of the Advisory Panel of the Financial Reporting Council (providing advice on competition issues), an associate at the strategy consultancy Sciteb working on financing of UK science and technology scale-ups, a Panel Member for Finance in the UK's latest Research Excellence Framework assessment, an Associate-in-Practice of the Financial Markets Group at the London School of Economics and an Affiliate of the Centre for Competition and Regulatory Policy at City, London University.
He has published a number of thought pieces on Cost-Benefit Analysis.
Professor Sarah Smith OBE -
Professor of Economics at the University of Bristol
Sarah is Professor of Economics at the University of Bristol. She has been at Bristol since 2005 and was Head of Economics from 2014 – 2021. Sarah is an applied micro-economist whose research focuses on public policy.
Previous positions include at the London School of Economics, the Financial Services Authority, HM Treasury and the Institute for Fiscal Studies.
Sarah was awarded an OBE in June 2022 for services to economics and education. She is founder and co-chair of Discover Economics, a campaign to increase diversity among economics students. She was Deputy Chair of the REF2021 Economics and Econometrics Sub-Panel and chair of the Royal Economics Society (RES) Women’s Committee.
Stephen Gifford -
Economist
Stephen is an economist with 30 years of professional experience across the public and private sector.
He is currently a Member of the Regulatory Policy Committee, Member of the Office for the Internal Market Panel, Chief Economist of the Faraday Institution, Non-Executive Director of the Oxfordshire Local Enterprise Partnership and Member of the Ulster University Economic Policy Centre.
He was previously the Chief Economist at Grant Thornton, the Director of Economics at the CBI and has held various senior economist roles at KPMG, Oxford Economics, Civil Aviation Authority and the Prime Minister's Strategy Unit.