It is disappointing to hear that Christina Sinclair, Acting Director of Retail Enforcement at the FCA, is to leave the FCA and join Barclays Bank in a senior Compliance role.
Mrs Sinclair may not be a widely known name, but her role has been a fundamental one within the FCA in investigating mis-selling scandals by UK Banks.
Our team has met with (and advised) Mrs Sinclair on many occasions and we have always found her to be intelligent and focussed on achieving the best outcome for the end-user.
Her understanding of the complexities of the interest rate swap mis-selling problem has been excellent, and we very much hope that her colleagues and replacement will apply the same level of rigour to this complex issue.
It is inevitable of course that regulators will be be attracted to work for those companies that they used to regulate. However, we have seen a lot of this in recent years with a large number of the most impressive leaders at the FSA / FCA joining the private sector.
It could also mean of course that Barclays is intent on cleaning up its image and practices, also demonstrated by the hiring of Hector Sants
Perhaps it is time for a debate about how much we pay our senior regulators and perhaps we need to offer them more to retain them in our regulatory bodies?