Former FSA director Nicoll joins Ernst & Young

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Former Financial Services Authority director of conduct policy Sheila Nicoll has joined Ernst & Young as a senior adviser within the company’s asset management practice.

Nicoll left the regulator in April when it was replaced by the Financial Conduct Authority. While at the FSA she led some of the regulator’s flagship initiatives such as the RDR, the Mortgage Market Review and the funding review of the Financial Services Compensation Scheme.

She joined the FSA as director of the retail firms division in October 2007 from the Investment Management Association. She Dan Waters as head of retail and conduct policy in April 2009.

Prior to joining the FSA, Nicoll was deputy chief executive of the Investment Management Association. Nicoll was also a board member of the European Funds and Asset Management Association and acted as chair of its regulatory policy committee.

EY global head of asset management advisory Alex Birkin says: “We are delighted Sheila has joined us. She has an unrivalled depth of public policy and regulatory experience in the sector, coupled with a pragmatic approach to their application.

“This will be invaluable to our clients as they grapple with the challenges and opportunities that the implementation of European and UK regulations creates for their businesses.”

John Charcol senior technical manager Ray Boulger says: “From the company’s point of view, it’s very easy to see the logic, as employing an ex-regulator gives them a good insight into what the regulator actually requires.

I suspect the regulator will be extra-cautious in wanting to be seen as fair, rather than giving any sort of preferences to an ex-member but from E&Y’s standpoint it certainly appears to be a cost-effective way of getting access to the inside thinking of the FSA/FCA which can only help their business.”