Scott will serve in the role ahead of the financial services regulator launching its global recruitment process for a permanent general counsel.
Most recently, Scott was a litigation partner at Freshfields before retiring from the firm in October 2020, where he specialised in High Court litigation, regulatory investigations and proceedings.
His previous clients have included investment banks, retail banks, life and general insurance companies and asset managers.
Daniel Thornon, currently the FCA’s director of enforcement legal, will serve as deputy general counsel in support of Scott.
Furthermore, the regulator is set to hire Raj Parker, an associate member at Matrix Chambers and a part-time judge and arbitrator, as its part-time senior legal adviser.
Nikhil Rathi, the chief executive of the FCA, said: “I am delighted to welcome both David and Raj to the FCA. David brings over 25 years of legal regulatory experience, a proven track record and an excellent reputation in the UK and internationally.
“Following his independent review, Raj is ideally placed to offer critical and impartial advice to the organisation as we evolve our culture and transform our organisation.”
He added: “His experience and deep knowledge of the FCA will help us to continue learning and embedding the lessons of the Independent Reviews at this critical stage for the organisation.
“I would also like to thank Sean Martin for his dedicated service and his invaluable contribution to the FCA, and previously the FSA, where he has supported and developed a high-quality legal function and has provided wise counsel on a range of strategic issues.”