FSA hints at restructure timetable delay
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FSA chief executive Hector Sants has appeared to suggest that the timetable for moving to the new regulatory structure has slipped to the first half of 2013.
When Chancellor George Osborne announced that the FSA would be scrapped in favour of a twin peaks model of regulation with the creation of a Prudential Regulation Authority and Financial Conduct Authority, he said the transition process would be completed in 2012.
In March 2011 the FSA began making reference to changeover to the regulatory structure to the end of 2012 or early 2013.
The end of 2012 deadline was then quietly dropped in later speeches made by FSA chief executive Hectors Sants (pictured) with completion pegged for early 2013.
But in a speech delivered today by Sants at the British Bankers’ Association international banking conference in London, the timetable appeared to slip further.
Sants said: “The FCA will be the successor body to the FSA. It is the intention that this new structure will become effective in the first half of 2013.”
The FSA launched a strategy document on the FCA earlier this week, and held a conference on the set-up of the FCA yesterday.
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Readers' comments (7)
Simon Carter | 29 Jun 2011 3:22 pm
Great, I will expect a further announcement that the RDR is delayed to the same date. Treating Advisers Fairly....
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Patrick Schan | 29 Jun 2011 3:27 pm
An indefinate delay would be better still Simon.
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Coiln Linscott | 29 Jun 2011 3:38 pm
Great, they cannot adhere to a timetable but we have to, smacks of don't do what I do just do as I say.
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Anonymous | 29 Jun 2011 3:47 pm
You're mistaking us as being a party that count Simon!!
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Old Dog | 29 Jun 2011 4:09 pm
EDITOR
Why do you contine to taunt us with that ghastly picture of Sants, on EVERY news item.
It'sbad enough reading the drivel that he spoiuts, let alone have his photo foisted upon us. We all know what this joker looks like, just pack it in. Use your editorial space in a more productive manner. PULEASE!
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Mortgageboy | 29 Jun 2011 4:32 pm
What a surprise, if the changeover actually happens in 2013 you will see me running naked down the high street, not a pretty sight!!
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Anonymous | 29 Jun 2011 5:23 pm
It obviously must take time to decorate their new offices in gold leaf.
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