The Financial Services Authority (FSA) has announced that managing director Margaret Cole is to leave later this year.

The former lawyer, who has been at the regulator since 2005, will remain in the role and on the FSA Board until the end of March before going on six months of gardening leave.

Cole joined the FSA initially as director of enforcement in 2005, working her way up to become the first managing director of the conduct business unit in April 2011.

However, she failed to get the top job at the unit, which will be called the Financial Conduct Authority (FCA) after the FSA’s reforms go through on 2 April 2012, with Martin Wheatley appointed instead.

Cole, ‘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.

‘It has been a challenging but rewarding few years and I believe, with the help of a team of quality people, I have created a successful enforcement platform to take into the UK’s new regulatory authorities.

‘The time has come for me to seek a fresh challenge, knowing that I leave the continuation of a winning strategy in safe hands,’ she added.

Wheatley, CEO-designate of the FCA, commented, ‘I’m enormously grateful to Margaret for establishing the conduct business unit, which will go on to form the foundation of the Financial Conduct Authority.’