FCA hires ex-Goldman Sachs MD as new-look senior teams take shape


The Financial Conduct Authority has hired a former Goldman Sachs chief executive as it continues to reshape its management team.

According to a May 3 statement.

The FCA says it also plans to recruit two new directors to join its oversight, policy and competition team as it promotes Simon Walls – who has been head of wholesale markets since 2016 – to wholesale director. acting, and Graeme Reynolds – currently one of the FCA’s deputy chief economists – to director of competition.

“I continue to be impressed and encouraged by the talents, both internal and external, who are coming forward to lead our organization,” FCA chief executive Nikhil Rathi said in a statement.

LILY How the FCA tried to catch its ‘poogate’ suspect

The FCA has tried to bring in fresh blood while avoiding some staff discontent over a new pay deal that sees discretionary bonuses scrapped in favor of a system where base salary increases are tied to a new performance rating system and pay bands.

While the regulator acknowledged that there were more vacancies to fill as part of its transformation plan under Rathi, it also said that despite the salary overhaul, staff departures are broadly in line with rates seen before. Covid-19.

The FCA has opened up positions for a new chief crypto officer, for example, and is looking to bolster its permissions team with new positions in a bid to crack down on rogue companies.

A May 3 press release announcing the appointments of Gunewardena, Walls and Reynolds, said the regulator had hired 250 new people in 2022 so far as “staff turnover returns to pre-pandemic levels”.

LILY Firms fear losing access to customers as FCA ramps up ‘use it or lose it’ campaign

However, a strike is due to take place on May 4 as FCA staff, also members of the Unite union, prepare to protest wage and benefit changes outside the regulator’s headquarters in Stratford and at its base in Edinburgh.

To contact the author of this story with comments or news, email Justin Cash

Previous What funding has been granted to Seven Bro7hers?
Next Briefing of May 5, 2022 — Quartz