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Ex-FSA director Sheila Nicoll joins Ernst & Young

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

She will be working with EY clients on public policy and regulatory issues with a specific focus on the UK and Europe.

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.

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.”  

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Comments

There are 14 comments at the moment, we would love to hear your opinion too.

  1. Birds of a feather. Another one feathering the nest. Ruins the advice market then gets a high paid job

  2. “TUMBLEWEED”

    just wasted 5 mins of my life reading this.

  3. Well Alex, we’re glad she’s joined you as well.

    Keep her well away from advisers – she’s done enough damage as it is.

  4. @TUMBLEWEED, not “wasted”! Add it to CPD.

  5. The incestuous relationship between the regulators and the big four continues. I am sure this was on the cards from the day she left the FSA, after a bit of leave of course.

  6. That ol’ gravy train eh !

  7. The revolving door revolves again. Yet again an apparatchik from the Regulator decamps to a firm with serious competence and ethical issues. In the United States, Ernst & Young paid a fine of $123 million to the US tax authorities to resolve allegations of tax fraud. It was involved with Lehmann. Feb-12 Partners find more than $2 million for audit errors.

    And of course this is the firm that was intimately involved with the RDR consulting (for a very fat fee no doubt) with the FSA. Did Sheila get this post as a reward for rewarding the contract in the first place? Of course much of what comes out of E&Y Adviser research is the telling of the blindingly obvious.

    There is definitely “Something rotten in the State of Denmark”. Will we yet get to play Hamlet?

  8. Roman Duzinkewycz 6th September 2013 at 11:18 am

    The comments already posted say it all – these people are nothing short of criminals getting away with the ‘perfect crime’ – is Hector still free?

  9. Well, much as this probably won’t be in line with any other commentators, I don’t have an issue with Sheila Nicoll joining Ernst & Young.

    We have to expect ex-FSA / FCA staff to take up positions elsewhere when they leave the regulator (I’d hope that industry costs weren’t increasing further to allow them to simply retire) and I’d prefer them to head to the big four consulting firms than to stir up even more ill-feeling by joining, as Sir Sants did, a bank.

  10. @ Hampshire Yokel

    Look Ham, we all accept that there is a revolving door policy between the supposedly independent regulator and the banks/accountancy firms.

    What we all dislike is when somebody who created, exacerbated and appeared to delight in prolonging damage to the advisory sector – and smirked into the bargain, attracting the opprobrium of George Mudie – jumps ship to sunnier climes possibly on a fat pay packet and with her reputation apparently enhanced by her regulatory activities.

  11. Odious woman !

  12. It seems that the moderator is not happy with a comment I posted this morning on this topic. In case it got lost I attach it again:
    The revolving door revolves again. Yet again an apparatchik from the Regulator decamps to a firm with serious competence and ethical issues. In the United States, Ernst & Young paid a fine of $123 million to the US tax authorities to resolve allegations of tax fraud. It was involved with Lehmann. Feb-12 Partners find more than $2 million for audit errors.

    And of course this is the firm that was intimately involved with the RDR consulting (for a very fat fee no doubt) with the FSA. Did Sheila get this post as a reward for rewarding the contract in the first place? Of course much of what comes out of E&Y Adviser research is the telling of the blindingly obvious.

    There is definitely “Something rotten in the State of Denmark”. Will we yet get to play Hamlet?

  13. My previous comment made earlier appears to have been blocked by the “thought Police”. I will therefore try again.
    Here is a woman who treated the TSC and their proceedings with utter contempt. She was a major architect of RDR, but like many of the others has jumped ship before the chickens could come home to roost. Based on what I consider this unacceptable behaviour, I was merely stating that in my honest and humble opinion she is not a nice woman. Except I didn`t use quite so many words – in fact one only being a 6 letter word beginning with the 15th letter of the alphabet.
    I have seen far worse posted on this site, so am at a loss as to why my original message was blocked.

  14. If the RDR is the Nirvana that the FSA said it would be, why are they all leaving? Cheshire cat Nicoll is the latest in a very long list of EX FSA RDR proponents.
    In fact, who is left, from the original lot. I can only think of Linda Woodall.
    The TSC should call an emergency meeting to ask why they are all jumping ship. When the RDR is shown up as the disaster it really is, who is going to be accountable? No doubt the regulators, will, as usual, blame the regulated.
    Sickening, the lot of them.

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