As part of its expanding role, the UK's main financial watchdog has established a new post of supervision director, retail and authorisations - and chosen the person to fill this slot in the autumn.

The Financial Conduct Authority, the UK watchdog, has appointed industry luminary Jonathan Davidson to the newly-created post of director of supervision – retail and authorisations. He is due to take up the post in the autumn.

Davidson is a senior advisor to private equity and financial services firms, as well as a member of Jardine Lloyd Thompson’s strategic advisory group. He has experience as chief operating officer for Direct Line and from several roles working for McKinsey & Company including financial services practice leader in Canada, wholesale banking practice leader in Europe and in North America, and global learning leader of McKinsey’s organisation practice.

The role was created as part of the financial regulator’s new strategic approach and to reflect the over 73,000 firms that the organisation supervises. The position as director of supervision – retail and authorisations sits alongside director of supervision – investment, wholesale and specialist, which is held by Tracy McDermott.

“This appointment is another example of the FCA being able to attract the best talent from across the financial sector. Jonathan has experience of working across the globe as well as in the United Kingdom. Given the increase in our supervisory work in retail over the last two years, this is an incredibly important role and I look forward to working with Jonathan,” the chief executive of the financial conduct authority, Martin Wheatley, said.