Robert Taylor will take the reins in its supervision division from February.
He has previously worked at Merrill Lynch, SG Hambros, Coutts and Kleinwort Benson where he served as chief executive until 2011.
Clive Adamson, director of supervision at the FCA, said: "I'm delighted that Rob is joining our senior team at the FCA.
"He has an extensive knowledge of the market and strategic insight that will be extremely useful as we continue to develop our new regulatory focus on the wealth management industry.
"The addition of such an experienced practitioner will be warmly welcomed by both FCA staff and the sector."
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Mr Taylor, who is currently chairman of the University for Creative Arts and of the Whitechapel Gallery in East London, is also a director of the East London NHS Foundation Trust.
He said: "The wealth management sector is hugely important to the UK's financial services.
"I'm looking forward to working closely with an industry I know well to ensure that its clients are being well served."
He began his career working in American politics and as a financial journalist in New York.