Transition schedule is on the slide
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FSA chief executive Hector Sants has hinted that the timetable for moving to the new regulatory structure has slipped to the “first half” of 2013.
When Chancellor George Osborne announced the FSA would be scrapped in favour of a twin peaks model of regulation, with the creation of the Prudential Regulation Authority and the Financial Conduct Authority, he said the transition process would be completed in 2012.
In March 2011, the FSA began making reference to the regulatory changes coming at the “end of 2012 or early 2013”.
The 2012 deadline was quietly dropped in later speeches made by Sants with completion pegged for early 2013.
Speaking at the British Bankers’ international banking conference in London last week, the timetable appeared to have slipped further.
Sants said: “The FCA will be the successor body of the FSA. It is the intention that this new structure will become effective in the first half of 2013.”
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