UK FCA Appoints Home Office's Director to Lead Its Global Strategy

The United Kingdom’s Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) has appointed Home Office’s Director of International, Ruairi O’Connell, as its new Director of International.

The UK financial industry watchdog on Friday announced the selection of O'Connell, a holder of the Order of the British Empire (OBE) medal.

“He [O’Connell] will be responsible for helping to shape the FCA’s international strategy as well as, overseeing our international engagement including matters arising from the UK withdrawal from the EU,” the FCA explained.

Nikhil Rathi, the Chief Executive of the FCA, emphasized in a statement that O’Connel will champion the regulator’s 'international works'.

O’Connel will bring “extensive experience of international affairs, security and strategy” to the role, Rathi said.

The new appointment is a continuation of the FCA’s recent efforts to increase its headcount to meet its Our Strategy 2022-2025 plan launched earlier in April.

The strategic plan seeks to reduce and prevent serious harm, set and test higher standards, and promote competition and positive change across the UK.

In early July, the UK Treasury confirmed the appointment of Ashley Alder as the new Chair of the FCA. In the same month, the FCA announced the onboarding of six directors to help bolster the three-year strategic plan.

The directors, some of whom are to resume duty later in the year, were tasked with manning various units of the independent authority.

“In addition to building its headcount to achieve its strategy, the FCA is expanding its national footprint, with plans to double its headcount in Scotland and [the regulator] announced its new office location in Leeds earlier this week,” the FCA explained.

O'Connell's International Exposure

O’Connell joined the UK Home Office as the Director of International, in 2020.

Between 2015 and 2019, O’Connell served the United Kingdom abroad as the British Ambassador to Kosovo and as the Second Secretary Political. Earlier, between 2004 and 2008, he was the Deputy Head of Mission to the British Embassy in Kosovo.

FCA said O’Connell began his career at the Foreign & Commonwealth Office (FCO) in 2001.

Between 2008 and 2015, O’Connell would go on to serve in various capacities at the FCO, which is now known as the Foreign, Commonwealth & Development Office (FCDO).

He was the Head of the Foreign Secretary’s Special Representative on Climate Change between 2008 and 2010.

From 2010 to 2011, the executive leader took charge as the leader of the Strategy and Analysis Unit in the Finance Directorate (2010-2011) of the FCO.

Furthermore, between 2012 and 2013, he was the Deputy Director of the London 2012 and the UK GREAT Campaigns.

Later, he would spearhead the Illegal Wildlife Trade Project between 2013 and 2014.

Additionally, he served as the Deputy Director and Head of NATO Summit Unit within the Directorate for Defense and International Security between 2014 and 2015.