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OFT hires consumer credit director from FCA enforcement team

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The Office of Fair Trading has appointed a director of consumer credit enforcement who has been seconded from the Financial Conduct Authority’s enforcement and financial crime division.

Mario Theodosiou will manage a team of 60 which is responsible for pursuing enforcement action against consumer credit firms which fail to meet the required standards. He will also continue the OFT’s work to raise standards among payday lenders. He is expected to take up the newly created role in July.

Theodosiou joined the FSA in 2001 as a forensic investigator working on suspected misconduct cases.

OFT senior director of credit David Fisher says: “’Robust, targeted enforcement action is an essential part of our strategy to raise standards across consumer credit markets and to drive out the rogues. Mario’s skills and expertise in enforcement and financial crime make him the perfect candidate for this new enforcement role.”

FCA director of enforcement and financial crime Tracey McDermott says: “This is a great opportunity for the FCA and the OFT to continue to build closer links as we work to ensure a smooth transition of credit regulation from the OFT to the FCA.”

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