The Guardian (UK): Regulators: Business roundup: FSA names successor to Procter: “Mr Procter had been the FSA's director of enforcement for four years. His tenure will be best remembered for a run of controversial cases. They included… the pounds 17m market abuse fine against Shell - the largest fine ever imposed by a British financial regulator, but still less than 0.2% of the oil group's profits.” (ShellNews.net) 28 April 05

The Financial Services Authority has appointed a City lawyer to head its 200-strong enforcement division following the departure in January of Andrew Procter, who joined Deutsche Bank.

Margaret Cole, a partner at the law firm White & Case, is probably best known for her work on recovering Mirror Group pension funds following the Maxwell scandal and for recovery settlements on behalf of BCCI liquidators.

Mr Procter had been the FSA's director of enforcement for four years. His tenure will be best remembered for a run of controversial cases. They included the disputed fine for endowment mis-selling at Legal & General, the low level of settlements won from split capital trust operators, and the pounds 17m market abuse fine against Shell - the largest fine ever imposed by a British financial regulator, but still less than 0.2% of the oil group's profits. Ms Cole is expected to earn about pounds 200,000 plus benefits when she takes up her role at the FSA in July.

The FSA chief executive, John Tiner, said: "Margaret is one of the City's most experienced and respected financial service litigators. I am delighted that she has agreed to lead this important element of the FSA's operations." - Simon Bowers

http://www.guardian.co.uk/business/story/0,,1471709,00.html

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