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From regulator to riches? Life after the FSA for 10 ex-watchdogs
by Michelle Abrego on Dec 04, 2012 at 16:04
If former Financial Services Authority chief executive Hector Sants does decide to join Deloitte, a decision he is reported to be weighing up, he will join a long line of ex-regulator employees who have swapped Canary Wharf for the ‘big four’.
If former Financial Services Authority chief executive Hector Sants does decide to join Deloitte, a decision he is reported to be weighing up, he will join a long line of ex-regulator employees who have swapped Canary Wharf for the ‘big four’. Not everyone has gone that way through, some high profile departures have gone to banks or product providers, with a few notable exceptions who have moved to a trade bodies or another regulator.
Former, and the last, chief executive of the FSA, Hector Sants joined the regulator in 2004 during the era of light-touch regulation ahead of the banking crisis. Sants tried to resign in 2010 but was persuaded to stay on to oversee the FSA’s transition to its twin peaks structure.
He resigned again, this time successfully, in March 2012, and will be on gardening leave until the end of the year. According to Sky News, he has been offered a job from accountancy firm Deloitte and is considering his options.
Former head of supervision at the FSA, Jon Pain joined accounting and consultancy firm KPMG nine months after announcing plans to leave the regulator the regulator in June 2010.
Pain was responsible for oversight of IFAs, banks and insurers but decided to step down when he decided that the split of the FSA into the Financial Conduct Authority and the Prudential Regulation Authority would not leave him with a suitable role.
Margaret Cole, former managing director of the FSA followed the example of Pain and took a job at another one of the ‘big four’ accountancy firms, PricewaterhouseCoopers (PwC).
Cole is now a senior legal adviser at PwC, where she reportedly doubled her FSA salary of £340,000.
Fry worked at the FSA for 10 years before jumping ship to KPMG where she became head of RDR.
She also sits on the Financial Services Consumer Panel.
One of architects of the RDR Leaman left in August 2011 to join Royal Bank of Scotland.
Leaman, had been manager of the FSA professional standards policy team, having joined the regulator in 2000.
She had been a constant presence on the RDR team, whose leadership has been passed from Amanda Bowe to Dan Waters and most recently on to FSA director of conduct policy Sheila Nicoll over its five-year development.
The architect of the RDR Bowe held a number of roles at the regulator including planning and leading the RDR.
After parting ways with the FSA Bowe became head of strategy of Consumer Financial Education Body (CFEB), later to be called the Money Advice Service (MAS).
In April 2011 she joined life company Aegon as compliance director.
Former head of conduct risk and asset management Dan Waters announced plans to exit the FSA in November 2010.
Waters has family based in the US, and said he wanted a more flexible role than his FSA job.
He has since returned to financial services as managing director of the trade body ICI Global which aims to bring together fund groups from across the globe and become a touch point on fund industry issues, guidance and policy.
Former head of risk Sally Dewar left the FSA and got back into finance in February 2011, when she announced plans to join JPMorgan Chase as a managing director.
Dewar joined the FSA in 2002 and was appointed markets director in 2005 before being promoted to managing director responsible for all market activity in 2008.
She now leads the investment bank’s response to regulation from European Union and the United States.
Bucking the trend to join a high powered City firm Peter Smith, former head of investment policy, left the regulator in June to take up a position with Dubai’s regulator, Dubai Financial Services Authority.
Smith had been at the forefront of drafting up investment policies for the RDR and had been a constant on the RDR team since September 2009.
Severn left the FSA in 2004 having worked there and at its predecessors the Personal Investment Authority and Securities and Investments Board for 16 years.
He was head of retail policy at the FSA and unlike many of his peers at Canary Wharf did not depart to a financial firm, instead becoming director general of the Association of Independent Financial Advisers for a year.
He is currently an independent consultant as well as governor of the Pensions Policy Institute, and a non-executive director of The IFA Centre.