Nicoll will take over the role in September replacing Sarah Wilson who is now working on a part-time basis as director of the FSA’s Treating Customers Fairly initiative and leading its insurance sector team.
The retail firms division supervises firms in the life insurance, general insurance and groups of intermediaries.
Nicoll will report to managing director of the retail markets business unit Clive Briault.
Before joining the IMA Nicoll worked as head of international relations at the London Stock Exchange.
FSA chief executive John Tiner says: “I am delighted to welcome Sheila to the FSA. Her experience in working closely with the industry and policymakers, her enthusiasm for making principles-based regulation work, and her communication skills will make her a great asset to the FSA.”
Nicoll says: “I have thoroughly enjoyed working at the Association over the years and have found it hugely rewarding. I will, of course, be sad to leave, but the team at IMA is a very strong one and I am looking forward to this new challenge. I will be joining the FSA at a very exciting time and hope that I will be able put my experience of working with both industry and policymakers to good use.”
IMA chief executive Richard Saunders says: “Sheila has served the industry for nearly 15 years since joining the Unit Trust Association in 1992. She has made an enormous contribution over that time, and I believe that the industry has been fortunate to have somebody of her talents working on its behalf over such a long period. I am sure her many friends, both in the industry and elsewhere, will join me in wishing her every success in her new role.”