FSA director of conduct policy Sheila Nicoll is leaving the regulator when it is replaced by the Financial Conduct Authority in April.
Nicoll joined the FSA in October 2007 from the Investment Management Association where she was deputy chief executive. She joined as director of the retail firms division, and replaced Dan Waters as head of retail and conduct policy in April 2009.
Nicoll has led some of the FSA’s flagship initiatives such as the RDR, the Mortgage Market Review, and the funding review of the Financial Services Compensation Scheme. In her role as director of the retail firms division she spent two years supervising building societies, life insurers, general insurers and advisers during the financial crisis.
An FSA spokeswoman says Nicoll “has not accepted another role within financial services” at this stage. She says Nicoll will work with recently appointed director of policy, risk and research Chris Woolard to ensure a smooth transition when she leaves the regulator in April. Woolard joined the FSA earlier this month from Ofcom, where he was group director of content, international and regulatory development.
Nicoll says: “I have spent five challenging but fascinating years at the FSA, through what has arguably been one of the most dramatic periods of change the financial services industry has known. I have worked with a truly professional team and strongly believe some of the policies we have implemented will create lasting benefit for consumers.
“Having seen major policy initiatives such as the RDR through to implementation, I feel now is the right time for me to handover to those who will drive the FCA’s policy approach in the future. I will stay with the FSA until the changeover to ensure an orderly handover and then will explore fresh opportunities. I wish the FCA and its staff every success in driving forward the FCA’s objectives of ensuring a fair deal for consumers.”
FCA chief executive designate Martin Wheatley says: “I would like to thank Sheila sincerely for the contribution she has made to the foundation of the FCA and for the delivery of complex initiatives such as the RDR and MMR. On behalf of my executive team, I wish Sheila all the best.”