The US Securities and Exchange Commission's office that faced criticism for failing to detect Bernard Madoff's Ponzi scheme has now named a former PricewaterhouseCoopers partner as its head of compliance inspections and examinations. Carlo di Florio, who has extensive risk management experience, will oversee the SEC's nationwide examination programmes for investment advisers, broker-dealers, mutual funds, credit rating agencies and self-regulated organisations. Chairman of the SEC, Mary Schapiro, said: 'A strong inspections and examinations unit is instrumental to the SEC's investor protection efforts. Investors rely on our examiners to ensure that their financial professionals comply with the law.'