Michael Welch, the grizzled ex-head of the US Federal Bureau of Investigation's international operations, will shortly be investigating scams and infractions against HNW customers on behalf of the UK's Financial Conduct Authority.

Welch has lived in London since 2014. He comes to the FCA after a stint as the head of Standard Chartered's internal investigations unit. The FCA has published nothing about his appointment but told Compliance Matters that Welch was to take over shortly. Mark Steward, the head of enforcement, will be his boss. He replaces Tom Spender, who left in June for a lucrative job at Lloyds Bank.