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Advisers question ex-FCA director of comms’ move to payday lender

Advisers have questioned the move by former FCA director of communications Zitah McMillan, who stepped down in the wake of the Davis review, to take a senior role at a prominent payday lender.

McMillan joined DFC Global Corp, whose operations include The Money Shop, in January as international chief executive. She will head the firm’s global operations excluding the UK, US and Canada. Her remit will mainly cover Eastern Europe, Spain and Scandinavia.

DFC’s corporate entity in the UK, Dollar, is the UK’s second-largest payday lender with a 24 per cent share of the market. DFC operates under the trading names of Payday UK, Payday Express, The Money Shop and Ladder Loans.

Thameside Financial Planning director Tom Kean says: “Given McMillan left the FCA under a cloud, to join an industry that is not well thought of is an odd move if she wants to improve her own standing.

“But for Dollar it will be a coup to appoint a senior figure from the regulator.”

Philip J Milton & Company managing director Philip Milton adds: “This appointment raises a wry smile. Perhaps if you cannot get a job in a respected industry you have to work in a discredited industry.”

The FCA announced McMillan and former director of supervision Clive Adamson were leaving as part of a restructure in December. A week later, the findings of a review into the FCA’s handling of a bungled media announcement that caused insurers’ share prices to tumble in March singled out McMillan, Adamson and other executives for criticism.

In July, Dollar was ordered by the regulator to carry out a  past business review and refund customers £700,000 paid in interest and default charges.

Where are they now? The FCA’s revolving door into the private sector

Clive Adamson: The former director of supervision stepped down from the FCA in December. He was on six months’ notice and has been on gardening leave since January. He is reported to be taking up a non-executive role at Prudential.

Sheila Nicoll: The former FSA director of conduct policy, who left in April 2013, joined Ernst & Young as a senior adviser in the company’s asset management practice six months’ later.

Christina Sinclair: The FCA’s acting director of retail left the regulator to join Barclays in July 2013 as global head of compliance for wealth and investment management.

Margaret Cole: The former director of enforcement at the FSA announced she was leaving the regulator in February 2012. A month later it was reported she was to join PwC as a senior legal adviser and member of the executive board.

Jon Pain: The former managing director of supervision resigned from the regulator in July 2010 and joined KPMG as a partner the following July. In 2013 he joined Royal Bank of Scotland.

Sir Hector Sants: Former FSA chief executive Sants joined Barclays in January 2013. In November of the same year, he stepped down after taking a leave of absence due to stress. He has since joined management consultancy Oliver Wyman.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Will Clive Adamson’s (given that he left under a very smelly cloud, wholly unjustified but what can anyone do about it?) six months of full pay from the FC-22A overlap with his new salary from Prudential?

  2. #Julian

    Not sure how you can say the cloud was unjustified when you consider Adamson praised the briefing given by his staff even though he had not read it. He then went onto claim that he expected to be further consulted before the briefing was given to the newspaper. Some serious inconsistency here and does seriously reflect on his ability to supervise. I do suspect that there others still at the FCA who should have been criticised but that does not absolve him.

    I see the reports of him joining Prudential have not been confirmed. Is tis another example of an advance briefing? There is form here

    With regard to the above story it is yet another example of a Gamekeeper turned Poacher. As with all the examples given it leaves a sour taste,

  3. If the Regulator bans asset managers who avoid train fares, it is wholly unjustifiable for them to allow the likes of Adamson & McMillan to sneak away like this without comparable bans.

    As for Hector Sants, the moron focussed so much on ‘Treating Customers Fairly’ and other such relatively minor issues whilst allowing the fractional reserve banking system inflate its way to boom and bust. The idea that he should not be held culpable for these events, whilst the regulatory system pins losses incurred by the events he created onto small firms, is grossly unfair.

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