Sheila Nicoll is being tipped as a potential director-general of the Building Societies Association following her decision to step down as director of conduct policy at the Financial Services Authority in April.

Since joining the FSA from the Investment Management Association trade body in October 2007, Nicoll, its director of policy, pushed through the retail distribution review which stops asset managers paying kickbacks to independent financial advisers and other providers out of the proceeds of retail fund sales without their agreement of their clients.