The Office of Fair Trading (OFT) has appointed a new director of consumer credit enforcement from the financial services regulator.
Mario Theodosiou is expected to start in the newly-created role at the OFT by July, having been seconded from the Financial Conduct Authority’s (FCA) enforcement and financial crime division.
In his new role, Theodosiou will manage a team of 60 tasked with pursuing the OFT’s enforcement action against those consumer credit businesses which fail to meet expected standards.
He will report to the OFT’s senior director of credit David Fisher.
Fisher said: “Robust, targeted enforcement action is an essential part of our strategy to raise standards across consumer credit markets and to drive out the rogues.
“Mario’s skills and expertise in enforcement and financial crime make him the perfect candidate for this new enforcement role.”
Theodosiou joined the FCA, then the Financial Services Authority, in 2001 as a forensic investigator where he worked on cases of suspected misconduct and regulatory failure by companies and individuals.
Tracey McDermott, director of enforcement and financial crime at the FCA, added: “This is a great opportunity for the FCA and the OFT to continue to build closer links as we work to ensure a smooth transition of credit regulation from the OFT to the FCA.”