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ABI to restructure ahead of ‘twin peaks’ regulation

Craig.jpg

The ABI will restructure into two divisions as it prepares for the new ‘twin peaks’ financial regulatory regime.

Director of life and savings Maggie Craig (pictured) will head up the new financial conduct and consumer strategy division at the trade body, while director of investment affairs Hugh Savill will become director of prudential regulation and taxation.

The ABI says director-general Otto Thoreson will take responsibility for investment affairs, while Craig has yet to be replaced.

The restructure is designed to allow the ABI to better engage with the Financial Conduct Authority and the Prudential Regulation Authority. The new regulatory regime will come into force in January 2013.

An ABI spokesman says: “We are simply doing what any organisation would do. The regulatory environment is clearly changing, so it is sensible for us to change our structure to reflect that.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. The ABI is largely irrelevant – just another parasitic quango.

  2. Their meetings can be quite fun. You get subjects like fraud, riots, floods and probably swarms of locusts heading our way.
    My question was: how come you can still get paid commission? No answer, of course.

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