Ex-FCA leader Salter joins Sicsic Advisory

As well as working at the FCA Salter, pictured, also worked at its predecessor the Financial Services Authority in a number of supervisory roles and brings over 30 years’ regulatory and industry experience to the firm.

Until 2021, he was the FCA’s director of retail lending and claims management companies where he held responsibility for the supervision of all UK lending and credit services, from high street banks and building societies to payday lenders.

He also led the programme to design and implement the regulation of CMCs when the sector became regulated by the FCA in 2019 and established the watchdog’s Consumer Credit Supervision department.

Prior to this, he led FSA teams responsible for supervising a number of the largest banking and insurance groups as manager in the Major Retail Groups division.

Most recently, Salter worked as director of conduct and regulatory standards at Provident Financial Group, where he oversaw the group’s conduct and regulatory risks.

Journey

His role at Sicsic Advisory will be advising firms on strategic regulatory matters, including their consumer duty and operational resilience journeys.

The consultancy business was founded in 2019 by managing partner Michael Sicsic, the former head of supervision for the UK general insurance retail sector at the FCA.

Along with spending four years in the post at the FCA, Sicsic spent five years at Aviva as global operational risk director covering non-life and life insurance and asset management. Previously, he worked for over 10 years at GE Capital in various senior risk and finance positions across commercial and corporate finance activities.

In addition to recruiting the ex-director of regulation at the Association of British Insurers, Hugh Savill, in 2021 Sicsic Advisory has grown to include more than 20 senior consultants.

Of those, nine have direct experience working at the regulators, including partner, Nadege Genetay, a former FCA head of policy, and senior director, Julia Hillman, who led the Prudent Regulation Authority’s authorisation function.

Leader

Sicsic said: “Philip is a true leader in managing risk, change and problem solving. His pragmatic approach and decades of experience in risk and regulation across all parts of financial services are a true asset to our clients across pensions, life insurance, general insurance and consumer credit.”

Salter said: “Having worked previously with Michael and Nadege, I was not surprised to see Sicsic Advisory quickly establish itself as a trusted partner of top tier insurers and intermediaries.

“The partnership approach, taking the time to know the firms they’re working with and delivering solutions rather than opinions held a great appeal for the next chapter of my career.”

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