FCA bolsters investigations team with FBI hire

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A former US Federal Bureau of Investigation boss is to join the FCA as retail and regulatory investigations director.

According to a Bloomberg report, Michael Welch, who most recently ran Standard Chartered’s internal investigations unit in the UK, joins the FCA this month.

He will report to FCA enforcement and market oversight director Mark Steward, and replaces Tom Spender who now works for Lloyds Banking Group.

Welch previously ran the FBI’s international operations and worked at the agency for 30 years.

He moved to London in 2014 to work as group head of shared investigative services at Standard Chartered.

At the bank he is said to have worked with former spies, police detectives and compliance officers as part of a programme accredited by the City of London Police.