FSA managing director Margaret Cole to step down

15 February 2012 | By Rob Langston

Cole says during her time she has shown that the regulator is “not afraid to take on difficult cases” or “shy away” from criminal prosecutions “however difficult to prove”.

She says: “It’s painstaking work and the legal process takes a long time, but there are people sitting in prison now because of our commitment.

“And the next 12 months will see more trials and more convictions as the pipeline of our cases comes to fruition in the courts.”

Cole joined the FSA as director of enforcement in 2005 and oversaw a division of 450 people, with responsibility for enforcement policy, intelligence gathering, forensic investigations, and civil and criminal proceedings in areas that include market abuse and financial crime.

She joined the board as managing director of enforcement and financial crime in 2010, before becoming managing director of the conduct busines unit in 2011, which will become the Financial Conduct Authority. (article continues below)

Cole will remain on the board until the end of March and will be on gardening leave until the end of August.

Hector Sants, chief executive of the FSA, adds: “Margaret has been pivotal in transforming the FSA’s approach to enforcement and she leaves a substantial legacy, widely respected in legal, regulatory and international circles.

“She has been a strong leader and advocate of the importance of delivering a credible deterrent to those that attempt to commit wrongdoing, as well as being an invaluable member of my executive team.

“Her expertise across a broad range of management disciplines and the work she has done in setting up the conduct business unit has put us in good shape to develop the future conduct regulator.”

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