The Financial Conduct Authority (FCA) has announced the appointment of Jonathan Davidson as its new director of supervision – retail and authorisations.

He will take up his new position in the Autumn.

Davidson is currently a senior advisor to private equity and financial services firms and is also a member of Jardine Lloyd Thompson’s Strategic Advisory Group. He was previously the chief operating officer for Direct Line between 2010 and 2012.

He worked for McKinsey & Company between 1986 and 2009 where he held several positions including financial services Practice leader in Canada; wholesale banking practice leader in Europe and in North America and global learning leader of McKinsey’s Organisation Practice.

Martin Wheatley, chief executive of the FCA, said: “This appointment is another example of the FCA being able to attract the best talent from across the financial sector. Jonathan has experience of working across the globe as well as in the United Kingdom. Given the increase in our supervisory work in retail over the last two years, this is an incredibly important role and I look forward to working with Jonathan.”

The regulator said the position of director of supervision – retail and authorisations was created as part of the FCA’s new strategic approach and reflected the fact that the organisation now supervises over 73,000 firms. It sits alongside the position of director of supervision – investment, wholesale and specialist, which is held by Tracey McDermott.