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Ousted FCA director of comms joins payday lender

The FCA’s former director of communications Zitah McMillan, who stepped down in the wake of the Davis review, has taken a senior role at a major payday lender.

McMillan joined DFC Global Corp, whose operations include The Money Shop, in January as international chief executive.

She will head up the firm’s operations globally, excluding the UK, US and Canada. Her remit will mainly cover Eastern Europe, Spain and Scandinavia.

DFC’s corporate entity in the UK, Dollar, is the UK’s second largest payday lender. It operates under the trading names of Payday UK, Payday Express, The Money Shop and Ladder Loans.

The FCA announced McMillan and former director of supervision Clive Adamson were leaving as part of a restructure in December.

A week later, the findings of a review into the FCA’s handling of a bungled media announcement which caused insurers’ share prices to tumble in March singled out McMillan, Adamson and other executives for criticism.

McMillan told Clifford Chance partner Simon Davis, who carried out the inquiry, that she did not know of or authorise the ill-fated briefing to the Daily Telegraph. However, the media associate who arranged the briefing and his manager said she did know.

McMillan also said she understood interviews with journalists were always recorded. This was not the understanding of the media manager or the associate, who said he had never recorded an interview with a journalist. The Telegraph interview was not recorded.

In July, Dollar was ordered by the FCA to carry out a skilled person report and refund £700,000 in interest and default charges to customers.

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Comments

There are 13 comments at the moment, we would love to hear your opinion too.

  1. Wahey! Now that’s what I call Gamekeeper turned poacher!

    A regulatory post always was a good way to burnish the CV.

  2. E L Wisty (an only twin) 11th March 2015 at 10:59 am

    From this interview, she appears to be either incompetent, or disingenuous. In either case, it beggars belief as to why DFC Global Corp have appointed her to such an exalted position. ‘Fit and proper’ clearly is not a high priority in the money lending world.

  3. Clearly a highly moral and principled individual

  4. Michael Winfield 11th March 2015 at 11:21 am

    New World, run for profit, no more free deep dipping hardworking people’s pockets. All the freebie doors
    closed.

    Oh exfcadir, where art thou now, I be lunching in Hull at the local chippy (Shakespeare -The got you promise) or (Sousa’s) last march of the loser?

  5. It all makes sense really…. we shouldn’t be so surprised!

    “Lend us a £100 Zitah my love – I’ll pay you back £400″…

  6. If you wrote this as fiction – no one would believe it!

  7. E L Wisty (an only twin) 11th March 2015 at 12:08 pm

    @ Garry

    Absolutely. Pity DFC Global Corp were not approached by this article’s author for a comment on their new CEO’s role in this debacle.

  8. Spills coffee all over keyboard.

  9. Incompetent Regulators 11th March 2015 at 12:30 pm

    Yeeeeha……….Cowboys!

  10. I sometimes wonder why I do this job, and contemplate, if I knew then (some 24 years ago) what I know now would I have started in the first place ?

    My point being; having being blind to where I would end up (IFA wise) to where I am now, this job is my life, dare I say it, nigh on un-employable if I wanted the same kind of salary and working hours elsewhere ?

    You could say I have worked very hard over the past 24 years and continue to do so with a wealth of experience and knowledge, where as, we are regulated by, people whose career span is maybe 5 years before moving on to more lucrative posts, irrespective of weather you have done a good job or not ! but I am constantly judged and tried on my work !

    So it seems the very people who tell me how to act and run my business do so in the very real knowledge that the work they do with the regulator is short term (in comparison) and just a springboard to a higher and lucrative rung on the ladder.

    Read MM profile on Mr Percival’s back in Nov 2012, he quotes being with the regulator till he is 55 (some 5 years or so) then go off to consultancy position or non executive position ! He had is exit planned almost before he started ?

    Are their hearts really in it ? Do they really care ?

    Me I am baffled ? has anyone been with the regulator for 24 years ? or even 10 ? unless you work in a shirt with your name tag on it ! (if you do I suspect you are less thought of than we are)

  11. some people will sell their soul to the devil!
    Unscrupulous just like the company she works for.

  12. Just like MPs they are nowadays, both in public sector and quasi public sector, driven by the persevered good they are doing for the general public by uncovering a warning that was not given in a document of 20 pages that, as the client cannot be bothered to read it, they feel they need to protect the clients from their own stupidity.
    Doing this vital work gives them a sense of fulfillment but, as we all know, a small pay packet. Or at least a pay packet smaller than the perceived pay of those they regulate.
    The net result is a whole group of employees who feel they are undervalued and not appreciated. Therefore the big chance is when they have built up a reputation within the organisation they have an ability to cash in their insider knowledge and work elsewhere for big money. Effectively they are selling their contacts and process knowledge to outsiders.
    Funnily enough the new pension freedoms can encourage this as, if you have a DC pension there is litttle to keep you there, it is not as if you will get an actuarial reduction to your pension as you would have had on an old DB pension.
    So they need to look at Hector who did not last at Barclays for long and played the ‘stress’ card.
    I like this Zitah woman though. She have had the brass neck to emphasize her regulatory experience and minimize the cock up at interview and got away with it.
    Just be grateful we are not paying her salary any more.

  13. Michael Winfield 11th March 2015 at 9:53 pm

    l did know better and requested the forms from my post lady (Sorry lady MP). So my son could become a Regulator, she failed to send them or cause them to be sent. But he was a bright lad, had the right school background, Barking Comp, no scrap metal for him as he qualified as a Chartered Stockbroker.

    But not wishing to appear mean, I was having problems with financial services regulation and made an appointment to visit my lady Mp’s at her surgery.

    Explaining my problem she retreated into the room cowering wringing her hands, head lowered in submission, declaring the financial services act was not the fault of the Conservative party it was the legal draftsmen that got it wrong.

    What could a poor IFA professionally qualified accountant say, except that is ‘I understand you hold a first class honors degree. Perking up, she smiled and said yes, to which I responded, is the ability to read not a prerequisite of such award, turning to leave, there was a bang as her bodyguard aged in her late 70’s feel off her chair.

    Mp’s and regulators still remain the best privileged occupation, joining broke and living off the fruit of this beautiful nation to leave extremely rich with a title. Never having once spent a penny of their own money.

    On the other-hand, when the market collapsed, my loyal clients turned to the Ombudsman to see if they
    could win the chance to enter and drain my bank account. None achieved any success.

    But best of all, when I visited my Bank Manager recently, to resolve a minor issue, explaining what I was above to this wizard qualified to negotiate mortgages, but not allowed to by the Bank {restricted to buildings and household insurance} suggested in his opinion I had acted with criminal intent. The insult was it came from a Bank Manager, who lived in fairy land.

    Still I have mellowed, I no longer take out the heart instantly, but take my time.

    I there propose that free masonry and promoting the idiot is alive and feeding on the Financial services industry.

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