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FCA recruits former FBI head of internal operations

  • 18/08/2016
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FCA recruits former FBI head of internal operations
The Financial Conduct Authority (FCA) has appointed Michael Welch, who was previously head of internal operations at the FBI, as director of retail and regulatory investigations.

A report by Bloomberg said that Welch, who is leaving Standard Chartered’s internal investigations unit to join the regulator, will report to Mark Steward, director of enforcement and market oversight.

A spokeswoman for the regulator confirmed that Welch has joined the firm.

Welch spent 30 years at the U.S. Federal Bureau of Investigation, and leaves Standard Chartered’s investigative unit which is staffed by former spies, police detectives, compliance officers and bankers, who are accredited through a program with the City of London Police, according to Bloomberg.

In July, Andrew Bailey, former deputy governor of prudential regulation at the Bank of England and chief executive of the Prudential Regulation Authority (PRA), was made head of the FCA after Martin Wheatley announced his resignation last year.

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