The Financial Conduct Authority has recruited a former UBS and Goldman Sachs managing director with nearly 30 years of banking experience as a part-time adviser – an unusual move for the UK regulator.

James Kelly, who spent 14 years at UBS and worked in risk management products before moving to Goldman Sachs in June 2007, where he was an MD in derivatives cross-product sales until his departure in June 2012, brings a wealth of investment banking experience to the FCA.