Jonathan Davidson is to leave his current supervisory role at the Financial Conduct Authority (FCA) as part of a shake-up of departments at the City watchdog.
The regulator is in the process of merging its supervision and policy divisions under two executive directors to start in the new year.
But Davidson (pictured), currently executive director of supervision, retail and authorisations at the FCA, revealed in speech at the annual culture and conduct forum for the financial services industry that he will not apply for these roles.
He will support the transition and will become a senior adviser to the FCA ahead of next year’s COP26 climate change conference.
“I have decided not to apply for one of the new roles, and Nikhil Rathi, our chief executive, has indulged my passion for culture and purpose by letting me become a senior adviser on financial services and the FCA’s purpose and approach to sustainability in preparation for the COP26 conference next year.” Davidson said.
Megan Butler, previously executive director of supervision, has been appointed as executive director to lead the transformation programme to bring the departments together.
“We are going to bring the two supervision divisions together, merging them with our policy and competition functions,” an FCA spokesperson said.
“This will form a new, single division which will be led by two executive directors.
“One focused on how we deliver our consumer protection and competition objectives. The other on ensuring we protect and enhance financial markets.”
Davidson joined the FCA in 2015 and appeared in the Top 10 of the Peer2Peer Finance News Top 50 this year.
He would have signed off on P2P authorisations and overseen the ‘dear CEO’ letters in 2017 to warn against wholesale lending.