The Financial Conduct Authority said that Craig, a former director of Scottish affairs at the Association of British Insurers (ABI), brings a wealth of experience to the newly created position.
The role will see Craig, who has more than 20 years of financial services experience, tasked with driving the regulator’s presence north of the Border and “contributing to Scottish aspects of FCA policies”.
She said: “I’m very much looking forward to taking on this new role. Our continued presence in Scotland is extremely important and through developing a new strategy we’ll be able to maximise our impact.”
The FCA employs more than 80 people at its offices in Edinburgh.
Chief executive Andrew Bailey said: “I am delighted that Maggie has been appointed as head of department, Scotland. This is a significant step and underlines our commitment to our presence in Scotland.
“Maggie brings to the role a large amount of experience and knowledge, including established stakeholder relationships which will stand her in good stead.”
Craig, a graduate of the University of Glasgow, joined the FCA in 2014 and is currently head of insurance and pensions policy. She will take up her new role in September.
Prior to joining the ABI in 2007, she worked for Edinburgh-based life and pensions group Aegon and rival Standard Life.