Firms set to compete for services of outgoing FSA chief Margaret Cole
Margaret Cole's seven-year spell at the Financial Services Authority is set to come to an end next month, with many City partners predicting a lucrative future in private practice for the respected litigator.
February 23, 2012 at 07:03 PM
4 minute read
Litigator who sharpened FSA's claws seen as key hire as regulatory onslaught continues. Sofia Lind reports
Margaret Cole's (pictured) seven-year spell at the Financial Services Authority (FSA) is set to come to an end next month, with many City partners predicting a lucrative future in private practice for the respected litigator.
Cole's exit from the regulator, which will see her serve a period of gardening leave until August, comes after she put herself forward for the role of head of the new Financial Conduct Authority (FCA), a post that was last year handed to Martin Wheatley, the former chairman of the Hong Kong Securities and Futures Commission.
While not unexpected, Cole's departure has caused ripples in the market. She was an integral part of the FSA's crackdown on financial crime during her time as enforcement chief at the regulator, and City partners are expecting much interest from law firms eager to sign her up ahead of the implementation of the new enforcement regime she has been instrumental in devising.
During its 2010-11 year, the FSA secured five criminal convictions for insider dealing sentences. Cole's leadership also saw the body, which was criticised for lax regulation in the run-up to the banking crisis in 2008, take a tougher line on civil enforcement. Its 2010-11 report shows 15 financial penalties were levied for market abuse, totalling £8.34m.
The FSA will move to its 'twin peaks' operating structure in April this year, with the formal split into the Prudential Regulation Authority and the FCA – which will see one arm focus on prudential regulation and the other on conduct – set to go live in 2013.
Although the regulator has stated that Cole has not yet decided on her future plans, a well-paid move into private practice in the City looks to be a likely option. One City recruitment consultant commented: "She will be paid at least £1m in private practice. Absolutely everyone will be interested in hiring her."
It is thought that Cole – who leaves the FSA with an impressive legacy after significantly boosting the number of financial crimes taken to court – could also be interested by another institutional leadership role within the financial sector, but that competition would be fierce among City law firms keen to recruit her back into private practice.
The last year has seen a number of notable moves into private practice by white-collar crime experts, with US firm McGuireWoods bringing in former Serious Fraud Office general counsel Vivian Robinson QC, while Jones Day recently recruited the regulator's fraud business head Glyn Powell. Eversheds also signed up Greg Brandman from the FSA's enforcement division in October last year.
Cole has a track record as a successful litigator in the City, most notably launching White & Case's London litigation department in 1995 after being headhunted by the US law firm from Stephenson Harwood, where she trained and made partner just five years after qualification.
White & Case white-collar crime specialist Charlie Monteith said: "The money she would be offered in private practice could be enough to persuade her. There will be a great interest from law firms to recruit her – she is certainly well-connected and talented."
He added: "It will be interesting to see how many of the FSA's senior management will still be there in six months' time. A new leader tends to want to build their own team."
One financial services litigation partner commented: "I imagine she left the FSA because she was overlooked for the role as head of the FCA, but she will be quite a catch now as a partner in private practice for whoever snaps her up."
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