In The Spotlight: A bitter-sweet moment for the City's top crime buster
Margaret Cole, FSA
Friday 21 May 2010
It can't have been an easy day for Margaret Cole, the Financial Services Authority's director of enforcement. The satisfaction she must have felt about the £2.8m fine handed down to former stockbroker Simon Eagle will have been tempered by the announcement from the Government that the FSA is to lose its powers to police white-collar crooks to a new all-powerful economic crime agency.
Still, while the FSA has been expecting bad tidings – in opposition, the Conservatives were hugely critical of the City regulator – its demise is no reflection on Ms Cole herself, who would be a prime candidate to head up the new agency. Appointed to her role in 2005, she has spearheaded a much more aggressive approach to wrongdoing in the City which has finally begun to pay off in recent times.
Ms Cole's fans expected no less. A high-flying student, she took her A-levels early at school in Preston before studying law at Cambridge. Her career began at a City law firm where she was involved in the clear-up from the collapse of BCCI, the biggest banking failure of the Eighties, and she also worked on behalf of the victims of the Robert Maxwell pension theft.
Both experiences hardened her attitude towards white-collar crime, as did a long stint at the American law firm White & Case, an experience that coincided with the attacks launched on economic criminals by Eliot Spitzer, then the Attorney General of New York.
Ms Cole's move into the public sector five years ago will have cost her dearly – partners at White & Case earned $1m a year – but she embarked on a recruitment drive at the FSA with the aim of turning it into a regulator criminals would fear. That work may now have to continue elsewhere.
elephant appealThe first 23 lots in our charity auction have now gone. But there are 22 more still up for grabs
Jennifer Lawrence attacks mass media again over body image
scienceScientists find the answer to a question that even puzzled Darwin
A very timely Great Train Robbery and a frantic 24 Hours in A&E among the highlights
scienceThe new development in bio-printing technology could be used in the future to restore lost vision - though years of research still await
Geoffrey Macnab: The Wolf of Wall Street's account of white-collar excess is A Rake’s Progress on steroids
arts + entsThe 'Friends' actor on his new role as campaigner on addiction issues
Sun will 'flip upside down' within weeks, says Nasa
Colin Farrell reveals ‘affair’ with Elizabeth Taylor: 'She was my last romantic relationship'
Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
Devyani Khobragade: India-US row escalates over arrest of diplomat in New York
Peter O'Toole: Tales of the late film icon
- 1 Facebook 'self-censorship': study records when you don't post to find more ways to share
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 ‘Why we don't have snow in Saudi Arabia’: Video captures winter fun as Middle East hit with rare blizzard
- 4 Vitamin pills are a waste of money, offer no health benefits and could be harmful - study
- 5 Children evacuated from swimming pool after prosthetic leg mistaken for paedophile
- < Previous
- Next >
iJobs Money & Business
£500 - £550 per day: Cornwallis Elt : Business Analyst Cross Border Complia...
£44999 - £60001 per annum + Benefits: Pro-Recruitment Group: A Top Tier firm i...
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Implementation...
£50000 - £65000 per annum + benefits + bonus: Harrington Starr: Project Manage...