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.”