In the new role, Nicoll (pictured) will be assisting clients with public policy and regulatory issues with a specific focus on the UK and Europe.
In January, Nicoll announced she would be stepping down from her role at the regulator in April when it transitioned to the Financial Conduct Authority (FCA).
She joined the FSA from the Investment Management Association in October 2007 where she was director of retail firms division for two years, supervising building societies, life insurers, general insurers and intermediaries during the financial crisis.
Ernst & Young global head of asset management advisory Alex Birkin said: “We’re delighted Sheila has joined us. She has an unrivalled depth of public policy and regulatory experience in the sector, coupled with a pragmatic approach to their application.
“This will be invaluable to our clients as they grapple with the challenges and opportunities that the implementation of European and UK regulations creates for their businesses.”
