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Another FCA retail director quits


The Financial Conduct Authority has lost another senior member of its retail team with acting director of retail banking Julia Dunn quitting the regulator for a role with Nationwide.

Nationwide, the UK’s biggest building society, has appointed Dunn as its chief compliance officer. She will take up the role in September.

Dunn has been with the regulator since 2000 and has held a number of roles including head of retail enforcement, and head of banking and mortgages, where she held overall responsibility for supervising building societies, medium-sized retail banks and mortgage lenders.

Dunn is the latest retail director to leave the FCA, after it emerged earlier this week that acting director of retail Christina Sinclair was joining Barclays.

Sinclair will take up the role of global head of compliance for wealth and investment management at the bank in October.


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There are 5 comments at the moment, we would love to hear your opinion too.

  1. Apart from nicholl is there anyone left at CT
    who was there when they dreamt up RDR?
    This exodus seems to suggest a vote of no confidence in their own agenda, but they expect us to get on with it.
    If it is as good as they were telling the world and his wife it is, why are they ALL leaving?
    A parliamentary enquiry is called for.

  2. Lindsay Lockett 17th July 2013 at 9:40 am

    At least they all now work for the other side and have to deal with RDR and the stupid rules created by themselves.

  3. Time nic cicutti produced an article entitled “Regulators need to project some conviction”

  4. It’s little wonder that the top rats are fleeing the sinking Regulatory ship. “FCA probe QE manipulation”; Barclays fined for electricity price fixing”; “ASA bans unlocking advert”. Headline after headline talking of major levels of potential corruption.
    It is dangerous to assume that the financial industry is in disarray because of some headlines, notwithstanding they seem to be arriving with an ever increasing frequency, but it definitely sends out a bad message. Forget for a moment that individuals were involved in these alleged offences. Consider instead the environment in which these alleged offences occurred, and the Nelson approach of both the institutional management and the Regulator. I find it impossible to believe that senior management is totally ignorant of what is going on below deck, other than on the deliberate basis of avoiding asking dangerous questions.
    In the UK we have had a Regulatory system since 1986. For the none mathematical that is nearly 30 years, which is the best part of a working life time. So a high percentage of the people working in the industry would have been subject to regulation for the whole of their working life, yet it appears to have had very little effect on the intrinsic standards of morality. And regulation itself appears to have had remarkably little effect.
    There are two tentative conclusions to be drawn. Firstly, senior management in the financial industry has been so focused on the high rewards it has abandoned all pretence of acting in an ethical manner, driving the profit motive at the abandonment of professional and moral behaviour. I can see part of the logic. If I can land a few deals that land me £5m, I can disappear into a very nice life style, whatever the eventual result. And it is rare for individuals to be targeted.
    Barclays shouldn’t have been fined over price fixing; senior management should have been fined, flogged and confined to a deep, dark dungeon for allowing an environment to exist in which such activity could be contemplated, let alone occur. And so for all senior management. They set the standards; too often by default.
    Secondly, the regulatory regime has been a disaster. Regulatory staff, at all levels, are so busy as small time administrators that the real life adventures of the market pass them by. Since the Big Bang in 1986 the financial world has seen monumental changes, and the levels of transactions have reached levels that would have been undreamt of at that time. But one feels that the Regulator’s thought processes are still based in that elegant past. So the brighter ones see the oncoming storm, and jump ship.
    It will be interesting to see if the ‘new regulatory management’ produce any improvements. Or whether, even if they prove to be better, they have to spend so much time cleaning up the messes of history that manpower for covering the present is in short supply. And this could continue ad infinitum.
    A perfect system is impossible. But there are surely many strategies to dig out of the current malaise. Peer pressure would appear to be one element. Demonstrating that the majority of the market operates on a quality basis provides support for people to believe that non-deviant behaviour is the norm. At the moment there is a distinct flavour of “only a small portion of crime is discovered, so it they can make big rewards from deviant behaviour, why can’t I”. Bad headlines do not have the effect of discouraging bad behaviour; they make it desirable. It must be the Regulator and the Industry that make good behaviour the widely acknowledged acceptable norm. That is not being done currently. There is no visible counter to the bad headline.
    A more difficult change is that the industry and the Regulator must act as a partnership, not as two boxers trying to knock seven bells out of each other. At the risk of favouritism I would suggest that the Regulator has the biggest job to change it’s attitude. For as long as I can remember it seems to have been in a battle with the industry, with so little genuine dialogue that it would be in competition with a silent film.
    I would also have to suggest that the Government (all parties) have been extremely vocal but totally ineffectual about ensuring that a productive relationship between regulator and regulated is in operation. Would it be too harsh to suggest that there has been just as much a moral vacuum at the very highest levels as elsewhere.

  5. I agree with you Glen

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