FSA financial stability director quits

The FSA has lost another heavyweight figure following the announcement that its director of financial stability David Strachan has joined Deloitte as co-head of its Centre for Regulatory Strategy.

The consultancy has announced that Strachan, who led the implementation of the Tiner Review of regulation within the UK insurance industry, will join Deloitte as co-head of the centre in April 2011.

He is currently working on the division of the FSA into the Prudential Regulatory Authority and the Consumer Protection and Markets Authority.

During his 12 years at the FSA Strachan also spent four years as the UK’s FSA representative on the Basel Committee. Prior to joining the FSA David spent 13 years with the Bank of England working in both banking supervision and the market operations areas. Click here to read a past interview with David Strachan

William Higgins, head of Deloitte’s risk and regulation practice, said: “We are absolutely delighted that David will join the Deloitte Centre for Regulatory Strategy. David is very highly regarded in the market and is a fantastic asset for our risk and regulation practice. Together with Clifford Smout, David will lead the centre which aims to engage in debate on financial regulation and support our clients through this period of unprecedented change.”

Clifford Smout, co-head of the centre, said: “David brings with him a wealth of knowledge and experience within financial services. He has worked at the forefront of UK regulation for a long period, for instance in his current role overseeing the formation of the future UK regulatory set-up. Having worked with David at the Bank of England, I look forward to joining him again as we lead the Deloitte Centre for Regulatory Strategy.”

Strachan's departure follows a string of high profile resignations from the FSA including that of Jon Pain, managing director of supervision.