The Financial Conduct Authority (FCA) has named magic circle lawyers David Anthony Scott and Raj Parker as its interim general counsel and part-time senior legal adviser respectively.
The announcement follows the recent departure of General Counsel Sean Martin. The FCA will shortly launch an open and competitive global recruitment process for the permanent general counsel.
The regulator said that Daniel Thornton, currently director of enforcement legal, has been appointed as deputy general counsel and will support Scott in his interim role.
Scott was most recently a litigation partner at Freshfields before retiring from the firm in October 2020. At Freshfields he specialised in High Court litigation and regulatory investigations and proceedings. His clients included investment banks, retail banks, life and general insurance companies and asset managers.
David also spent 18 months in an earlier part of his career on secondment to the Financial Services Authority (FSA) – which was split into the FCA and the Prudential Regulation Authority following the financial crisis – and has advised both the Bank of England and FSA on various legal matters.
Parker is an associate member at Matrix Chambers and a part-time judge and arbitrator. The FCA said that he has conducted numerous investigations into governance and conduct issues for over 30 years, with particular experience in financial markets and regulatory investigations.
Like Scott, he is a former partner at magic circle law firm Freshfields, where he worked for 23 years, specialising in international commercial and financial services dispute resolution.
“I am delighted to welcome both David and Raj to the FCA,” said Nikhil Rathi, chief executive of the FCA.
“David brings over 25 years of legal regulatory experience, a proven track record and an excellent reputation in the UK and internationally. Following his independent review, Raj is ideally placed to offer critical and impartial advice to the organisation as we evolve our culture and transform our organisation. His experience and deep knowledge of the FCA will help us to continue learning and embedding the lessons of the Independent Reviews at this critical stage for the organisation.
“I would also like to thank Sean Martin for his dedicated service and his invaluable contribution to the FCA, and previously the FSA, where he has supported and developed a high-quality legal function and has provided wise counsel on a range of strategic issues.”