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The FSA has announced that managing director and board member Margaret Cole will leave the organisation later this year.
Cole will remain in the role until the end of March, just before the FSA splits into two divisions under the ‘twin peaks’ initiative, and will then go on gardening leave until 31 August. It is not yet known what her plans are.
Cole joined the FSA as director of enforcement in July 2005 from White & Case, having spent 20 years in private practice as a commercial litigator. She was appointed to the FSA board as managing director of enforcement and financial crime in September 2010 and, in April 2011, became the first managing director of the FSA’s conduct business unit.
In a statement, Cole said: “I joined the FSA to help in the fight against wrongdoing within the financial services industry and I believe a lot has been achieved in my time here.
“We’ve shown the FSA is not afraid to take on difficult cases and will not shy away from pursuing criminal prosecutions, however difficult to prove. It’s painstaking work and the legal process takes a long time but there are people sitting in prison now because of our commitment. And the next 12 months will see more trials and more convictions as the pipeline of our cases comes to fruition in the courts.
“It has been a challenging but rewarding few years and I believe, with the help of a team of quality people, I have created a successful enforcement platform to take into the UK’s new regulatory authorities. The time has come for me to seek a fresh challenge, knowing that I leave the continuation of a winning strategy in safe hands.”