rss RSS Feed

 



FSA announces restructure

The Financial Services Authority (FSA) has announced a new operational structure designed to better align its internal operating model to its core activities of identifying and mitigating risk, supervision and enforcement.

The reorganisation also takes account of the changing role of the FSA in respect of international regulatory engagement, macro-prudential analysis and consumer financial education.

 

The changes will take effect from 1 October and will conclude the significant internal reforms the FSA has undertaken during the last two years, incorporating the lessons learned from the banking crisis, the Northern Rock internal review and the priorities outlined in the Turner Review.

 

Hector Sants, FSA chief executive, said: “This new structure completes the radical internal reforms that I initiated when I became CEO in July 2007.

 

“The new structure will underpin the radical changes we have made to our supervisory processes through the Supervisory Enhancement Programme (SEP).

 

“SEP was designed to deliver a significant increase in our supervisory resource and changes to the way we work, in particular for ‘high impact’ or systemically important firms.  The programme is on track and will be completed by the end of this year.”

 

The six specific benefits resulting from the organisation changes are:

    1. Integration of retail and wholesale firm supervision into one Supervision business unit under managing director, Jon Pain, which will ensure long term consistency and flexibility to the implementation of the FSA’s supervisory philosophy.
    2. Integration of risk identification, risk management and policy formulation into one Risk business unit under managing director, Sally Dewar.  Grouping all the FSA’s technical specialists in one group will ensure the required focus on conduct and prudential risk.
    3. Expansion of the existing Financial Stability team to become a new, enhanced division under director David Strachan, focusing on macro-prudential issues and providing the central link for the FSA with the wider macro-prudential framework.
    4. Creation of a new International division, under director Verena Ross, which will enable the FSA to significantly increase its engagement with international fora.
    5. Integration of Enforcement and Financial Crime to form one division under director Margaret Cole, which will enable the FSA to better extract the synergies in this area, to enhance delivery of its credible deterrence strategy.
    6. Financial Capability division will move from the existing Retail business unit to become a standalone division, under director Chris Pond and will report directly to Hector Sants.  This will put the FSA in a better position to take forward the national roll-out of the Money Guidance service, as announced in the 2009 Budget.

PrintPrint Article

Date: 2nd, July, 2009

Latest Features


Click here for this months features


ADVICE TO READERS

While this website is checked for accuracy, we are not liable for any incorrect information included. We recommend that you make enquiries based on your own circumstances and, if necessary, take professional advice before entering into transactions.

 

Sign up for free news e-mailer

Please tick this box if you wish to receive information on relevant products and services from our carefully selected partners.:

House price search

house price index

Enter your postcode here to find out how much your property is worth, based on Land Registry data.