PwC announced her appointment as general counsel of PwC UK and a member of the UK executive board on Tuesday.
The former commercial lawyer quit the regulator in February after failing to get the top job at what will become the Financial Conduct Authority.
She will join PwC in the autumn following a stint of 'gardening leave' and take over from Owen Jonathan, who retires as PwC's general counsel in December. Part of her responsibilities will be to run the legal department.
Ms Cole will be one of three women on the executive board and is expected to get a big pay rise. At the FSA she made around £340,000 a year but the average profit share of PwC partners last year was more than double that and board members get more.
She was the FSA's former managing director of enforcement and financial crime, the first managing director of the conduct business unit and a member of the board.