Margaret Cole to leave the FSA
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Margaret Cole, managing director and board member of the Financial Services Authority, is to leave the organisation later this year, after nearly seven years at the UK regulator.
Cole says: “I joined the FSA to help in the fight against wrongdoing within the financial services industry and I believe a lot has been achieved in my time here.
“We have shown the FSA is not afraid to take on difficult cases and will not shy away from pursuing criminal prosecutions, however difficult to prove. It’s painstaking work and the legal process takes a long time but there are people sitting in prison now because of our commitment.”
She adds: “And the next 12 months will see more trials and more convictions as the pipeline of our cases comes to fruition in the courts.
“It has been a challenging but rewarding few years and I believe, with the help of a team of quality people, I have created a successful enforcement platform to take into the UK’s new regulatory authorities.
“The time has come for me to seek a fresh challenge, knowing that I leave the continuation of a winning strategy in safe hands.”
Margaret Cole joined the FSA as director of enforcement in July 2005, following 20 years in private practice, specialising in commercial litigation.
She led the FSA’s drive to deliver its credible deterrence strategy, which in 2011 saw eleven convictions for insider dealing with sixteen awaiting trial and fines levied totalling £66m.
She was appointed to the FSA Board as managing director of enforcement and financial crime in September 2010 and, in April 2011 took on the role as the first managing director of the conduct business unit which will go on to become the Financial Conduct Authority under the new regulatory structure.
She will remain in her current role and on the FSA Board until the end of March, prior to the creation of twin peaks within the FSA on April 2.
She will then be on gardening leave until August 31 2012 but may represent the FSA during that time on issues not related to individual regulated firms or ongoing investigations.
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Readers' comments (6)
j c | 15 Feb 2012 4:50 pm
thought the captain was supposed to be last to leave a sinking ship........
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Richard | 15 Feb 2012 4:54 pm
Good work if you can get it. Is that 5 months on full pay ?
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Mark | 15 Feb 2012 4:55 pm
April-August on full salary whilst having an interim job no doubt ?
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James | 15 Feb 2012 4:59 pm
5 months gardening leave? Only at the FSA?
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Chuck | 15 Feb 2012 5:20 pm
She knows the FSA is done and is going - so is she.
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Karl Hopper-Young | 16 Feb 2012 10:39 am
I think Margaret is brilliant.Firm but fair and did a massive amount to get rid of the people who give us a bad name...Well Done
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