The Financial Conduct Authority (FCA), the United Kingdom’s financial industry watchdog, has appointed Victoria McLoughlin, its former Supervision Manager of Cryptoassets & Digital Markets, as the Interim Head of its Digital Assets Department.
McLoughlin was leading the FCA’s supervision of virtual asset service providers (VASPs) and cryptoasset firms since January 2020 until her appointment.
She spent over a decade at the regulator serving in various capacities including as a manager for the “design, implementation and embedding of key aspects of FCA’s new approach to supervising firms.”
McLoughlin’s temporary appointment comes some weeks after the regulator announced on LinkedIn that it was looking for a new head “to build and lead a new crypto department that will lead and coordinate the FCA’s regulatory activity in this emerging market.”
Earlier in the month, the agency announced a three-year strategy to improve outcomes for consumers in the markets throughout the UK.
As part of the plan, the FCA had disclosed that it was recruiting 80 employees to help shut down 'problem firms' to protect consumers from potential fraud, poor treatment and create a better market.
In addition, the FCA recently appointed three senior directors to new various departments in the agency.
McLoughlin’s Job Description
As Interim Head of FCA’s new Digital Asset Supervision Department, McLoughlin oversees multiple teams of managers, supervisors, crypto small and medium-sized enterprises, intelligence and blockchain professionals.
These teams work together to develop effective threat assessments, supervisory responses and strategy to deliver clean, effective markets, protect consumers and deliver good outcomes for consumers and firms.
“[I am] responsible for supervising registered, unregistered and new entrant digital asset firms based in the UK, and supporting the development of a new regime to deliver the UK Government’s vision for crypto whilst managing risks that arise,” McLoughlin wrote on her LinkedIn profile.
Since joining the FCA in 2009 as an Associate, McLoughlin has spent almost twelve consecutive years at the agency, minus a year-plus career break in January 2019.
