Treasury promotes Margaret Cole to FSA board

The Treasury has promoted Margaret Cole to the Financial Services Authority (FSA) board, while the FSA has promoted her from director to managing director of enforcement and financial crime.

Cole's promotion follows a series of high profile investigations into insider trading launched by her department.

Cole (pictured) has been active in reshaping the enforcement department of the FSA doubling the number of staff to 450 from 200 in 2007, according to The Times. The FSA has secured three criminal convictions and 102 prohibitions with £33.6 million levied in fines under Cole’s watch. Cole (pictured) joined the FSA in July 2005 after working for 20 years as a solicitor specialising in commercial litigation.

Mark Hoban MP, financial secretary to the Treasury, welcomed Cole's appointment. 'Her credentials mean that she will bring valuable insight and experience to enhance further the strength of the FSA Board,’ he said.

FSA chief executive Hector Sants said Cole’s leadership had been critical to the progress made by the regulator. ‘Margaret has driven the FSA’s strategy of credible deterrence over the last three years, building the in-house expertise, intelligence gathering tactics and litigation specialism, used to ensure we achieve our statutory objectives in respect of protecting consumers, market integrity and financial crime,’ said Sants.