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FSA UK banking head steps down

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FSA head of large complex UK banks Mandy Spink has decided to leave the regulator.

Money Marketing understands Spink is stepping down at the FSA to join consultancy Promontory, which focuses on regulatory advice.

Spink has been at the FSA since it was created in 1997, and has 20 years experience in financial services regulation.

She was previously head of mortgages and credit unions in the FSA’s small firms division. She also led the retail intermediaries sector team at the FSA, which was responsible for identifying trends and risks in mortgage, general insurance and financial advice firms.

The FSA confirmed Spink’s departure but declined to comment further.

The news comes one week after the regulator announced that conduct business unit director and former director of enforcement Margaret Cole is to leave the regulator after seven years.

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Readers' comments (17)

  • Successful track record then – Not!!!!!

    1997 to 2007 biggest rise in house prices and lending based boom ever and the biggest bust- a record to be proud of!!!! - Not

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  • So the head of the that part of the govt. quango that so screwed up bank regulation that we ended up with a financial and banking crisis leaves to take another (presumably highly paid) job in regulation.

    It begs the question what do these people have to do to render themselves unemployable?

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  • " responsible for identifying trends and risks in mortgage, general insurance and financial advice firms"

    So she headed up the department which presided over PPI, bank and economic collapse and widespread mortgage fraud.

    No wonder she has left to a high paid job in the city...

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  • "Rats, ships" etc etc.

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  • rats & sinking ship springs to mind

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  • Promontory, home of Michael Foot, architect of regulation past, present and future.

    We must remember that all the FSA staff, from the top down, will have had a bit of a hard time of late, assessments and all that malarkey for a job in the 'new and improved' regulator.

    Ho hum

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  • Hector Sants said that, with the benefit of hindsight, he "should have shouted a bit louder" about his concerns over the crisis developing in the UK banking system. But from Mandy Spink ~ not a squeak!

    Surely, if Clive Briault was given the order of the boot for failing to ensure that his department reined in the extremely high risk lending practices of Northern Rock, the failure of Ms. Spink to discharge properly her responsibilities with regard to the large and complex banks is in a whole other league of its own. Certainly, the consequences of her failure are of an immeasurably greater magnitude than those caused by Clive Briault's manifest dereliction of duty. Yet, as usual, she'll walk away scot-free to another highly paid City job without so much as a slap on the wrist. It really is a sickening disgrace.

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  • Another one bite the dust. Getting out before the chickens come home to rest as financial services implode due to RDR

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  • Yep! Just as we all knew & said. Revolving doors. Also gives the excuse for another highly paid snout in the trough! Obviously the normal excuse will be rolled out "we had to pay a premium (and possibly a golden hello) to get the right person.

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  • She has seen the writing on the wall and the new regulatory body is not going to be up to the job either without a fundamental change in attitudes, implementation and of course having knowledgeable people running the show. I would bet she didn't even pass FPC, anyone know if she has RO1 even?

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