UK’s Financial Services Authority Appoints City Lawyer As New Director Of Enforcement

The Financial Services Authority (FSA) has appointed Margaret Cole, Partner in the London office of the international law firm White & Case, as its new Director of Enforcement.

FSA Chief Executive, John Tiner, said: "Margaret is one of the City's most experienced and respected financial services litigators. I am delighted that she has agreed to lead this important element of the FSA's operations."

Margaret Cole said: "The FSA has a critical role to play in maintaining the standards which have made the UK the world's leading international financial centre. I am very much looking forward to joining the FSA and to working with the excellent team in the Enforcement Division."

Margaret will take up her position in July.

Background

1. Margaret Cole, 43, is a commercial disputes lawyer with particular experience in financial services litigation and insolvency matters.
2. In the 1990's, Margaret led the actions to recover the Maxwell Company pension funds on behalf of the Liquidators, securing the global settlement restoring the missing funds. She was also responsible for a large number of recovery actions in the Liquidation of the Bank of Credit & Commerce International and claims brought in the Administration of British & Commonwealth Holdings plc. Margaret has represented clients on matters related to FSA investigations and decisions and advises banks on financial regulation, risk management and money laundering issues.
3. In 1995, Margaret was headhunted from Stephenson Harwood, where she was a Partner, to start-up and lead the Dispute Resolution Department for White & Case, London office. She was responsible for developing this part of the firm’s practice into an established profitable Department regarded as a leading player in the London market.
4. In 2004, Margaret represented Royal Bank of Canada in High Court proceedings concerning a US$500mn Enron-related swaps transaction.
5. Margaret is on the panel of ACI, the organisation that provides mediators to the FSA, and is also accredited by the Centre for Effective Disputes Resolution and the Alternative Dispute Resolution Group. Margaret has regularly participated in mediations, either in the capacity of mediator or counsel.
6. At the FSA, Margaret will lead a team of 200 and report to the Chief Executive, John Tiner. The Enforcement Division’s work involves conducting investigations into potentially significant regulatory failures by authorised firms or individuals, conducting administrative, civil or criminal proceedings, including action against unauthorised regulated activities and market abuse, and securing redress for consumers where appropriate. The Division also works with domestic and international counterparts on investigations and enforcement actions.
7. Margaret was educated at New Hall, Cambridge (MA Law) and graduated from the College of Law, Lancaster Gate, with Honours.
8. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
9. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve our business capability and effectiveness