FSA broadens search for enforcement chief

The Financial Services Authority (FSA) has opened up its search for a replacement head of enforcement to target overseas jurisdictions.

The regulator is searching for candidates to replace Andrew Proctor, who was poached by Deutsche Bank for its head of compliance position at the start of this year.

Although the FSA is using headhunters Norman Broad-bent to fill the post in the UK, it has also advertised in The Economist and the international edition of the Financial Times to target prospective candidates working as regulators in other English-speaking jurisdictions.

It is understood that candidates from the US Securities and Exchange Commission (SEC), the Securities and Futures Commission of Hong Kong and Australian regulators and are being particularly targeted. In the UK, sources close to the FSA say the likely candidate will be a head of litigation at a City firm or possibly a forensic accountant, and that the response from City litigators has so far been muted.

The position may also suit a barrister, although it requir-es management experience. The head of enforcement will also run the FSA’s investigations and deal with stakeholders, including the press.

Some may be put off by the salary, which at £200,000-£240,000 plus bonus and benefits is still well below what a plateau partner in a City firm could expect, but it is still comparable to that of an official at the SEC, for example.

The successful candidate will work alongside the head of the FSA’s regulatory decisions committee and former Clifford Chance partner Tim Herrington. A shortlist is expected in three weeks.