Ms Cole announced her departure from the regulator last month but had not stated where she would be moving to.
According to PwC, she will be appointed as general counsel to PwC’s British division. She will also sit on the executive board with responsibility for the Office of General Counsel.
Ms Cole has over 20 years experience as a solicitor specialising in commercial litigation and worked at international law firm White & Case before joining the regulator.
She is set to leave the regulator in April after almost seven years and will be on gardening leave for six months before joining PwC in autumn. She will be replacing Owen Jonathon who will be retiring in December.
Ian Powell, PwC’s chairman and senior partner, said: “I am delighted to welcome Margaret to PwC. The complexity of current and proposed legislation affecting PwC and our clients require a general counsel with extensive experience, expertise and judgement.
“Margaret will bring a new perspective to the firm and will make significant contribution to our network.”
Ms Cole said: “I’m extremely pleased to be joining the leading professional services firm. I’m looking forward to the opportunity to work with a great team of people in such a dynamic and complex international business environment at a key time in its development.”