The new co-lead market enforcer at the Financial Conduct Authority (FCA) has put the UK’s financial industry on notice, warning that there “is nowhere to hide”.

In her first speech since taking office in April, Therese Chambers, joint executive director of enforcement and market oversight, laid out her strategy and warned firms against hiding behind their authorised status.

Speaking at the City & Financial FCA Investigations and Enforcement Summit in London, Chambers said: "There really is nowhere to hide ... so I would advise everyone to get their ducks in a row now."

In her speech, she also warned financial institutions and individuals against “aggressive diversionary tactics”.

Chambers, an FCA veteran of more than a decade, took on the role of executive director on 1 April following the departure of Mark Steward. She previously served as director of consumer investments and director of retail investigations.

Joining Chambers on June 21 as fellow joint executive director of enforcement and market oversight will be Steve Smart, currently director of intelligence at the National Crime Agency.

The appointment of two enforcement leads is part of a shift in strategy under chief exec Nikhil Rathi to become more assertive following criticisms in recent years. When the appointments of Chambers and Smart were announced in March, Rathi said: “We are committed to acting faster and more effectively, putting the power of technology, data and intelligence at the heart of our enforcement operations. Therese and Steve will be a powerful combination, bringing a complementary skillset, which will enable us to do just that.”

Chambers in her speech said that at least 20 people are facing criminal charges after FCA investigations, with 71 investigations open into suspected insider dealing.

Elsewhere, the FCA has announced a ban on referral fees for debt packagers in an effort to help struggling consumers. The watchdog said that the ban should save consumers thousands of pounds in unnecessary fees and ensure they receive better quality advice while putting a stop to a business model which incentivises debt packagers to put their own profits over providing the best advice.

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