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Margaret Cole appointed to FSA board

FSA managing director for enforcement and financial crime Margaret Cole has been appointed to the FSA board five years after joining the regulator.

Financial secretary to the Treasury Mark Hoban has announced Cole’s appointment which is effective from today.

Although the FSA is responsible for recruiting its own executive staff, it is the Treasury that makes appointments to the FSA board.

Cole (pictured) joined the FSA in July 2005 as director of enforcement, following 20 years as a solicitor in private private and graduating in law from Cambridge.

When she joined the regulator Cole pushed through a major reform of the enforcement process, leading a major restructuring programme to “upskill and redirect the FSA’s enforcement division.”

Cole took responsibility for the FSA’s financial crime and intelligence division in 2009. She is also a non-executive director of the National Skills Academy for Financial Services.

Mark Hoban says: “I welcome the appointment of Margaret Cole to the FSA board. Her credentials mean that she will bring valuable insight and experience to enhance further the strength of the FSA board.”

FSA chief executive Hector Sants says: “Margaret has driven the FSA’s strategy of credible deterrence over the last three years, building the in-house expertise, intelligence gathering tactics and litigation specialism used to ensure we achieve our statutory objectives in respect of protecting consumers, market integrity and financial crime.

“Her leadership and management skills have been critical to the strong progress we have made.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. ‘Strong progress we have made’?

    You really should avoid assertions like that matey.

  2. wonder if this is based on ‘recent contributions to the FSA running costs and the generation of income’ … in other words, FSA Fines ?

  3. Hector's Speech Writer 7th September 2010 at 12:11 pm

    FSA chief executive Hector Sants says: “Margaret has driven the FSA’s strategy of credible deterrence over the last three years, building the in-house expertise, intelligence gathering tactics and litigation specialism used to ensure we achieve our statutory objectives in respect of protecting consumers, market integrity and financial crime.
    Credible deterrence? Cross us and we’ll fine you a token amount and give you a discount on it..
    Statutory objectives, hmm ok let’s have a look
    Protecting consumers: Barclays misselling to pensioners, dodgy mortgage brokers galore, Arch Cru, Keydata etc etc. Not too hot on that one…
    Market integrity: Well the market is full of good eggs in the banking sector who are very very honest about fees and treat their customers very fairly. What’s that? They dont? Bugger maybe we’ll be better at financial crime!
    Can anyone remind me of how many criminal convictions they’ve managed?
    Malcolm Calvert does some insider dealing and gets a whopping *wait for it* 21 months (likely to be reduced on appeal.

    Well done Margaret! Trebles all round!!

  4. So obviously the FSA are here to stay when the Treasury are still making new appointments to the FSA board!

  5. the fsa is dead. Long live the fsa.
    What a great job the coalition government is doing
    in controlling the Leviathan.
    Mark Hoban is full of bright ideas, he is going to give everyone at the regulator a new job then change the name to the cpma and hey presto! what have you got? another lwaste of space and money.

  6. “Malcolm Calvert does some insider dealing and gets a whopping *wait for it* 21 months (likely to be reduced on appeal)”

    And so some anonymous person who half-followed a case he doesn’t really have the background to understand says Calvert got off lightly… Shame he forgot to mention the confiscation order for the entire sale proceeds of the shares (that is, not just the six-figure profit – the whole two thirds of a million or so).

    Stop just reading the PR – get some genuine understanding and follow a subject properly!

  7. Hector's Speech Writer 8th September 2010 at 9:18 am

    “And so some anonymous person who half-followed a case he doesn’t really have the background to understand says Calvert got off lightly… Shame he forgot to mention the confiscation order for the entire sale proceeds of the shares (that is, not just the six-figure profit – the whole two thirds of a million or so).”

    Both to be appealed and this is a pyrrhic ‘victory’ at best for the FSA. The cost claim was greater than the confiscation order!!. Well worth the prosecution.

    My overall point was that this is one of a handful of convictions for the FSA. I don’t see to many criminal cases brought to book and a 21 month sentence is hardly a deterrent to insider trading (which is widespread anyway).Their profligate expenditure is clearly paying off….

    Your comment about my background (of which you know zip) is pretty childish. Thanks for your input!

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