The UK's Financial Conduct Authority has created a new executive position - that of "Director of Supervision – Retail and Authorisations" - in the wake of the Clive Adamson scandal.

The first person to do the job will be poacher-turned-gamekeeper Jonathan Davidson, a senior advisor to private equity and financial service firms, a member of Jardine Lloyd Thompson’s strategic advisory group and a former chief operating officer for Direct Line, the financial services telesales giant.

Davidson will have a 'twin' colleague in the form of Tracey McDermott, Clive Adamson's replacement, whose job is "Director of Supervision – Investment, Wholesale and Specialist."