top stories

Head of Risk Review Department, Financial Services Authority

Rosemary has worked at the UK Financial Services Authority (FSA) since its inception. As part of a restructuring of the FSA in April this year Rosemary took over the risk review department which comprises specialists in insurance risk, credit risk, market risk and operational risk (including IT, corporate governance, internal audit and financial crime). It has particular expertise in financial modelling. The department is akin to an in-house consultancy assisting supervisors in specialised assessments of regulated firms and helping to identify standards of practice across firms and sectors. For the three previous years Rosemary had acted as 'gatekeeper' responsible for the more complex corporate authorisations and approvals of individuals.

Rosemary joined the FSA from the Bank of England, prior to which she had spells working elsewhere in banking, industry and insurance.

She decided to take the ACCA qualification after leaving university. She realised she had an appetite for further study, and decided that she should work for something 'worthwhile which would enhance my career prospects.' However, despite this urge to study she still sympathises with students around the world - she recalls only too well finding it difficult 'to forego social engagements around exam time!' But her advice for students today is clear and concise, 'keep going - it's worth it in the end!'

Rosemary's career has been rich and varied. Recalling the earlier years when domestic considerations meant she needed to relocate around the UK, she says 'I was prepared to be opportunistic and changed jobs several times.' The wide-ranging nature of the ACCA qualification meant that she was able to secure jobs in thin markets and allowed her to take advantage of the opportunities that came her way. The qualification has provided 'a sound base which has given me the flexibility to change jobs when I have needed or wanted to.' In her current role the qualification has benefited her too, as she says 'a good understanding of accountancy as well as subjects such as company law and tax have provided general knowledge which has been invaluable since working as a regulator.'

Rosemary applauds the profession's continuing attempts to strive for accounting practices which produce clearer and more meaningful results for all stakeholders, and which facilitate better comparisons between companies, in the same or different jurisdictions. 'Following Enron and WorldCom I believe the profession must do all it can to bring about transparency particularly in the use of special purpose vehicles and the like. At the present time the issue of International Accounting Standards must go to the top or nearly the top of the list of priorities.'