ICB's Woods joining FSA to oversee banks
Share
Independent Commission on Banking secretary Sam Woods is joining the FSA’s prudential business unit as head of department in banking supervision.
He will be responsible for supervising the UK’s major banks and building societies and will report to FSA director of UK banks and building societies Andrew Bailey. It is likely that Woods will continue in his role once the PRA takes over from the PBU.
FSA chief executive Hector Sants said last month the regulator would complete the transition to the new regulatory structure in the first half of 2013.
Woods will join the FSA in October after the ICB publishes its final report, due in September.
Chancellor George Osborne set up the ICB in June 2010 to tackle reform of the UK banking sector to promote financial stability and competition. Its interim report, published in April, called for banks to ringfence their retail banking activities as a separate subsidiary, with minimum capital ratios for the retail division and the bank as a whole.
Before joining the ICB, Woods was chief operating officer at UK Financial Investments, the body set up to manage the Government’s stakes in state-backed banks.
If you enjoyed this article, sign up here to receive daily email updates from Money Marketing and Follow @_moneymarketing
