One of the leading figures in the development of the financial services regulatory system in the UK and Europe has received the Freedom of the .
In recognition of her outstanding contribution to the financial services industry, Sheila Nicoll was nominated by the Corporation’s Policy Chairman, Chris Hayward, and its Deputy Policy Chairman, Keith Bottomley.
After completing an internship in the European Commission, Sheila joined the London Stock Exchange in the early 1980s and witnessed, and was a participant in, the ‘Big Bang’ and in building the early foundations of modern securities regulation in the UK and the EU.
She moved to join the then Unit Trust Association, eventually becoming Deputy Chief Executive of what became the Investment Management Association, helping to steer it to what is now the Investment Association.
During her six years (2007 – 2013) at the Financial Services Authority (FSA), Sheila supervised the whole range of mid-sized financial services institutions during the financial crisis. She was then appointed Director of Conduct Policy, where she led a number of significant policy reviews and was part of the leadership team that created the Financial Conduct Authority.
After a period as Senior Adviser at EY, Sheila joined Schroders as Head of Public Policy in 2014 and recently retired from there to take up non-executive roles as Chair of St James’s Place Unit Trust Group Ltd; Lay Canon and Senior Non-Executive Member of Chapter at St Paul’s; an Elder at St Columba’s Church of Scotland in London; and Director of the Just Finance Foundation.
City Corporation Policy Chairman, Chris Hayward, said:
“During her stellar career, during which there have been huge changes in the financial services industry, Sheila Nicoll has dedicated herself to helping shape regulatory policy and helped ensure that London retains its much-valued position as a leading global financial centre.
“In addition, today’s award goes some way towards thanking Sheila for her sterling work on our ‘Vision for Economic Growth, a roadmap to prosperity’ strategy, which sets out how the financial and professional services sector may look over the next decade and beyond.”
City Corporation Deputy Policy Chairman, Keith Bottomley, said:
“Sheila Nicoll’s outstanding work in the City and in particular, at the Financial Services Authority and on the International Regulatory Strategy Group, deserves recognition and our sincere gratitude.
“I was delighted to join Chris Hayward in nominating her for the Freedom of the , which is richly deserved.”
Speaking after today’s ceremony, Sheila Nicoll said:
“It is a huge honour for me to have been granted the Freedom of the . I have been very privileged, throughout my career, to have witnessed, and had a part in shaping, financial services regulatory policy, pretty much since its inception.
“Most recently, I have thoroughly enjoyed supporting the Corporation and The CityUK in chairing the International Regulatory Strategy Group and in developing the ‘Vision for Economic Growth, a roadmap to prosperity.’
“It has been a pleasure to work with so many hugely talented people, and to seek to ensure that the UK remains attractive international financial services centre.”
One of the ’s ancient traditions, the Freedom is believed to have begun in 1237 and enabled recipients to carry out their trade.
As well as being nominated for, or applying for, the Freedom, it is also offered by the Corporation to individuals as a way of paying tribute to their outstanding contribution to London or public life, or to celebrate a very significant achievement.
Recent high-profile recipients include former Managing Director and Chief Privacy Officer at the London Stock Exchange, Vivienne Artz; theatre entrepreneurs, Dame Rosemary Squire and Sir Howard Panter; and former captain of the England rugby union team, Sir William (Bill) Beaumont.
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