The UK's Financial Conduct Authority has today (5 August) appointed Ruairi O'Connell, OBE, as the new director of international.
He will join the FCA from the UK Government's Home Office where he is director, international.
O'Connell has extensive experience in both the Home Office and the Foreign Office, including as British Ambassador to Kosovo.
He will be responsible for helping to shape the FCA's international strategy as well as, overseeing its international engagement including matters arising from the UK withdrawal from the EU.
His appointment follows the appointment of six new directors in July as the FCA expands its headcount to meet its growing remit and the ambitious three year-strategy launched in April.
Nikhil Rathi, chief executive of the FCA, said 'I am pleased to welcome Ruairi to the FCA's new Senior Leadership Team to lead our international work, where he brings with him extensive experience of international affairs, security and strategy.'
O'Connell joined the Foreign and Commonwealth Office in 2001. He began his career in the Eastern Adriatic Department and has worked on a range of issues during since then, with a particular focus on European security and sustainable economic development.
Overseas he served as British ambassador to Kosovo between 2015 and 2019 and as Second Secretary Political and late as deputy head of mission to the British Embassy in Kosovo (2004-2008).
In London, he served as Head of Unit of the Foreign Secretary's Special Representative on Climate Change (2008-2010), Head of Strategy and Analysis in the Finance Directorate (2010-2011), Deputy Director of the London 2012 and GREAT Campaigns (2012-2013), Head of the Illegal Wildlife Trade Project (2013-2014) and as Deputy Director and Head of NATO Summit Unit within the Directorate for Defence and International Security (2014-2015).
He joined the Home Office in 2020 as Director, International.
Meanwhile, in a response to an investor complaint this week (Complaint number FCA001710), the Complaints Commissioner, which investigates complaints against the FCA, said that the FCA's responsibilities cover regulated firms only.
The Commission said that the FCA has "no obligation to monitor the activities of firms it does not regulate."
The Commissioner, Amerdeep Somal, rejecting a complaint from the investor, said the FCA was right to rule when it received the complaint that because the firm subject to the complaint was not regulated the FCA had no responsibilities to protect investors.
The Commissioner further said the FCA had no responsibilities to protect consumers who dealt with unregulated firms even if those firms claimed or asserted they were regulated.
The complainant had invested £10,000 through a broker in an unnamed firm. The complainant said the broker implied they were regulated despite the fact they were not, the Commissioner said. The broker was not listed on the FCA register.
