The Financial Services Authority has appointed Will Samuel as a senior advisor to provide insight based on his experience of the investment banking industry.
Samuel, who will be part of a team of advisors at the regulator, has worked in investment banking for more than 35 years including roles at Citigroup
The high profile hiring will provide the FSA with the depth of industry knowledge it will need to pursue its more judgement-led and intrusive style of supervision, such as examining business models and the assumptions underlying them, in a bid to move away from the 'tick box' mentality of the past.
Will brings to his role considerable experience of the investment banking sector which will be vital to our work in this area, FSA chief executive Hector Sants said on Monday.
The FSA will be scrapped next year and split into two, a standalone Financial Conduct Authority and a new unit headed by Sants in the Bank of England to supervise banks and insurers.
Samuel, who will take up his FSA role immediately, stepped down from his vice chairman role at Lazard earlier this month and will stay on at the company in a senior advisory role, a person familiar with the matter said.
A spokesman for Lazard confirmed the 59-year-old, who works in Lazard's financial institutions group advisory team, remained with the investment banking group, and would carry out the FSA role alongside his other responsibilities.
(Reporting by Kylie MacLellan and Huw Jones; Editing by Dan Lalor)