WIREDGOV

Margaret Cole has been appointed to the Financial Services Authority (FSA) Board as managing director of enforcement and financial crime. The announcement has been made by HM Treasury and takes effect from today, 7 September 2010.

Margaret Cole joined the FSA in 2005 following 20 years in private practice, specialising in commercial litigation. Managing a division of 450 people, she has responsibility for enforcement policy, intelligence gathering, forensic investigations, and civil and criminal proceedings in areas that include market abuse and financial crime. She has led the FSA’s drive to deliver its credible deterrence strategy, which last year saw three criminal convictions for insider dealing, 102 fines and prohibitions, with fines levied totalling £33.6m.

Adair Turner, FSA chairman, said:

“Margaret brings a wealth of regulatory, legal and commercial experience.  I am delighted to announce she is joining the FSA Board. Her credentials ensure that we further strengthen the breadth of knowledge, experience, insight and quality of judgement the Board provides.”

Hector Sants, FSA chief executive, said:

“Margaret has driven the FSA’s strategy of credible deterrence over the last three years, building the in-house expertise, intelligence gathering tactics and litigation specialism, used to ensure we achieve our statutory objectives in respect of protecting consumers, market integrity and financial crime. Her leadership and management skills have been critical to the strong progress we have made.”

Notes for editors

1. Margaret Cole joined the FSA in July 2005 as director of enforcement.  She has an MA in Law from New Hall, Cambridge and is a solicitor with over 20 years' experience in private practice, specialising in commercial litigation with an emphasis on financial services.  She is also qualified as a Mediator with CEDR and the ADR Group.  From 1990 to 1995, Margaret was a Partner with Stephenson Harwood where she was responsible for the recovery actions in relation to the Maxwell Pension Funds on behalf of the Pension Funds Trustee.  In 1995 she joined the London Office of international law firm White & Case to found and head its Dispute Resolution Department.  Notable cases at White & Case include representing RBC in proceedings in London and New York regarding an Enron-related $500 million swap transaction.  On joining the FSA, Margaret was responsible for implementing a major reform of the enforcement process.  She subsequently devised and led a major restructuring and change programme to upskill and redirect the FSA’s enforcement division.  In 2009 she also took on responsibility for the FSA’s financial crime and intelligence division.  Margaret is a Non-Executive Director of the National Skills Academy for Financial Services.
2. The FSA regulates the financial services industry and has five objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.