Jane McTigue, a former supervisor at the Financial Conduct Authority, has joined national IFA Foster Denovo as compliance and risk director, with immediate effect.
In her role, Ms McTigue will be responsible for leading the business in the new conduct regulations environment and to continue to build upon the strong teamwork culture that has already been established within Foster Denovo.
She previously worked at the FCA as a supervisor where she managed key relationships with two of the UK’s top life assurance groups and other advisory companies.
Prior to that, she spent 18 years at St James’ Place, 15 of which were “in the field managing and overseeing a 35-strong regulatory team”, a statement from Foster Denovo said.
Roger Brosch, chief executive at Foster Denovo, said: “Given Jane’s experience, she understands the opportunities and challenges of our business model. She has an excellent track record of leading regulatory teams and she is also extremely knowledgeable of the regulator’s requirements.”
Elsewhere, Mr Brosch added that this is the year where the market will begin to see the true impact of the Retail Distribution Review.
He said: “It will become more evident which firms have failed to fully transition their business models.
“2013 was the year of bedding down and implementing the new ways of working; 2014 will see benefit realisation for those firms which have successfully adopted new practices. Firms which haven’t adapted will be exposed - whether from regulatory sanction, or from a client perspective.”
Mr Brosch also believes that the “mid-market” will move strongly towards restricted advice propositions “as it realises the regulatory standards expected by the FCA and the full costs associated with remaining independent”.
Foster Denovo provides both an independent and restricted service to clients.
He said: “Independent advice will typically be offered by smaller boutique firms that specialise and can adapt more readily.”
