Margaret Cole to leave FSA

Cole, also a board member, will leave after nearly seven years at the regulator.

She will remain in her position until the end of March, prior to the creation of a twin peaks regime within the FSA, before going on gardening leave until 31 August 2012.

However, she will still represent the FSA during the intervening period on issues not related to individual regulated firms or ongoing investigations.

Cole said: "I joined the FSA to help in the fight against wrongdoing within the financial services industry and I believe a lot has been achieved in my time here.

"We have shown the FSA is not afraid to take on difficult cases and will not shy away from pursuing criminal prosecutions, however difficult to prove.

"It's painstaking work and the legal process takes a long time but there are people sitting in prison now because of our commitment. And the next 12 months will see more trials and more convictions as the pipeline of our cases comes to fruition in the courts."

Cole joined the FSA as director of enforcement in July 2005 and was responsible for enforcement policy, intelligence gathering, forensic investigations, and civil and criminal proceedings in areas that include market abuse and financial crime.

She became managing director of enforcement and financial crime in September 2010, also joining the board, and in April 2011 became the first managing director of the conduct business unit.

On April 2, the FSA will establish two independent units responsible for prudential and conduct regulation, ahead of a complete break up with the creation of the Financial Conduct Authority and Prudential Regulation Authority next year.