Friday, November 25, 2022

HSBC poaches ex-FCA comms boss Tom Willetts for personal banking position

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Former Monetary Conduct Authority communications director Tom Willetts is becoming a member of HSBC as international head of communications for personal banking and wealth, in accordance with two sources conversant in the transfer.

Monetary Information first revealed Willetts’ exit from the regulator in July, certainly one of a string of high-profile departures to have hit the markets watchdog because it launched a brand new pay and perks mannequin for employees.

Willetts has now agreed to affix the banking big to run its international communications efforts within the non-public banking and wealth area, a development space for a lot of funding banks seeking to faucet new income streams from prosperous purchasers.

An HSBC spokesperson mentioned: “We will affirm Tom Willetts has joined HSBC as World Head of Communications, World Non-public Banking & Wealth.

The rent marks the newest switch from a senior regulator into the non-public sector after they depart the watchdog.

Since its creation in 2013, high FCA employees have sought profitable roles at regulated corporations on their exits.

Former chief government Hector Sants grew to become Barclays’ head of compliance, and his successor Martin Wheatley grew to become an adviser to Hong Kong hedge fund Oasis Administration.

Two others which have crammed their sneakers on an interim foundation since, Chris Woolard and Tracey McDermott, now work for EY and Normal Chartered respectively.

READ Sunak to push forward with ‘call-in’ energy regardless of FCA, Financial institution of England protest

Willetts was beforehand international head of media relations at insurance coverage big Prudential, a director at PR company FTI Consulting, a producer for the BBC and a communications officer at HM Income and Customs.

“He had quite a lot of curiosity given he’s labored for companies and in-house, labored in Westminster, has worldwide expertise and was a hack,” one supply with data of Willett’s transfer to HSBC mentioned.

The FCA was contacted for remark.

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