FCA appoints new director of supervision

FCA appoints new director of supervision

The Financial Conduct Authority has hired Jonathan Davidson as its new director of supervision for retail and authorisations.

The regulator’s latest recruit is currently a senior advisor to private equity and financial services firms and is also a member of Jardine Lloyd Thompson’s strategic advisory group.

He was also previously the chief operating officer for Direct Line from 2010 and 2012.

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Mr Davidson will sit alongside the position of director of supervision for investment, wholesale and specialist, which is held by Tracey McDermott.

The position of director of supervision of retail and authorisations was created as part of the FCA’s new strategic approach. Bosses said the role was required as the organisation now supervises more than 73,000 firms.

Mr Davidson will take up his post in the autumn.

Martin Wheatley, FCA chief executive, said that the appointment is another example of the regulator being able to attract the best talent from across the financial sector.

“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.”

Last week FTAdviser reported remuneration for Mr Wheatley has hit £701,000 due to the organisation’s bonus and other benefits.

This comprises of £460,000 basic salary for 2015, alongside a bonus of £92,000, other benefits amounting to £108,000 and £41,000 towards a pension.

Last year Mr Wheatley’s pay stood at £610,000 since he relinquished his bonus following the closed-book scandal.