People Moves

Another Former Regulator Goes Private

Tom Burroughes Group Editor London 19 June 2014

Another Former Regulator Goes Private

In another example of a former regulator turning “poacher” after being “gamekeeper”, UK investment firm Schroders announced that Sheila Nicoll has taken up the newly-created job of head of public policy.

In another example of a former regulator turning “poacher” after being “gamekeeper”, UK investment firm Schroders announced that Sheila Nicoll has taken up the newly-created job of head of public policy.

In this role, she reports to Massimo Tosato, executive vice chairman of Schroders, the UK-listed firm said in a statement today.

Sheila was previously Senior Advisor at EY, focused on the asset management sector and was director, conduct policy at the Financial Services Authority between 2009 and 2013, having joined the FSA as director, retail firms division in 2007.

“Schroders has been a long-term supporter of meaningful regulation, acknowledging the role it plays in improving trust, protecting the customer and enhancing market stability.  

“In creating this new role of Head of Public Policy, we want to enhance our engagement with regulatory change globally to promote the best outcome for our clients and the firm,” Tosato said.

The most high-profile person, arguably, to have taken on a role at a bank after having left a watchdog is that of Hector Sants, head of the FSA during the financial crisis period, joining Barclays in January 2013, only to leave late last year after taking sick leave for stress.

Other moves from watchdogs to private sector includes that of Jeremy Heales, who had been head of retail banks at the Financial Conduct Authority, joining advisory firm Alvarez & Marsal about a fortnight ago. In the US, Mary Schapiro, the former chairman of the Securities and Exchange Commission, has gone to Promontory Financial Group. Such moves have prompted concerns in the media and elsewhere of a revolving door between regulators and private sector, to the detriment of both, although it can be argued that without hands-on experience in the private sector, it is difficult to see how regulators can perform well. There are also questions about whether, even after measures to curb bank bonuses, regulators can easily match the pay of the private sector.

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