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Shari'ah / Regulation

Thomas Hirschi resigns as executive director of ADGM’s FSRA

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Thomas Hirschi joined the Financial Services Regulatory Authority (FSRA) in October 2015, he was responsible for the authorisation as well as supervision of banks and insurance firms in ADGM.


Abu Dhabi Global Market (ADGM) said that Thomas Hirschi has resigned as Executive Director of Banking & Insurance of FSRA and will leave in Q4 2019.

The regulator stated that during his tenure, Hirschi oversaw the authorisation of international banks and insurance entities including Bank Lombard Odier, BNP Paribas as well as Citibank, HSBC Bank, State Street Global Advisers and Unicredit.

Additionally, Hirschi also oversaw the authorisation of local entities such as ADNOC Reinsurance, Mubadala (Re)insurance and Marsh Management Services.

Hirschi has been instrumental in the establishment of the FSRA’s structures and processes such as the launch of the Financial Crime Prevention unit, said the ADGM.

Richard Teng, the CEO of the FSRA, said, “As a core member of the FSRA management team, Thomas was instrumental in the formulation of framework, policies and processes governing licencing and supervision of banks and insurance intermediaries.

Hirschi will be joining the Swiss Financial Market Supervisory Authority (FINMA) as the new Head of the Asset Management Division with effect from 1 January 2020.

TAGS : Abu Dhabi Global Market, Swiss Financial Market Supervisory Authority, Mubadala , ADNOC Reinsurance, Marsh Management Services, Mubadala

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