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FCA restructure sees Clive Adamson and director of comms exit

FCA director of supervision Clive Adamson and director of communications Zitah McMillan are to leave the regulator as part of a restructure.

In an announcement today, the FCA says director of authorisations Victoria Raffe is also stepping down.

The FCA is bringing together its authorisations and supervision divisions.

From April 2015, it will create two new divisions which the regulator says will create a clearer distinction between its regulation of large and smaller firms.

Director of enforcement and financial crime Tracey McDermott will take responsibility for managing the transition and will lead one of the new divisions.

The FCA will also establish a new strategy and competition division led by director of policy, risk and research Christopher Woolard, which it says will “build on our competition capabilities”.

It will create a new risk division, and a market oversight division, which will combine the current UK Listing Authority and market monitoring functions and be led on an acting basis by UKLA head Marc Teasdale.

The changes will commence from 5 January and be fully in place by April.

The FCA says Adamson and McMillan’s departures are not related to its closed book review.

The report on the FCA’s handling of a media briefing in March on its review of insurers’ closed book policies, which caused insurers’ share prices to tumble, is expected later this week.

Adamson says: “We have made real progress and have much to be proud of in our supervision work since the FCA was set up 18 months ago. The changes announced today are an important step in the FCA’s development and in particular will lead to a sharper focus in our work.

“I have been considering for some time when I should embark on the next phase of my career, and feel the time is now right to hand over to others to continue the important work of the FCA and to seek new challenges.”

FCA chief executive Martin Wheatley says: “Clive is a respected figure in financial services and I know that his many friends here at the FCA and across the industry will join me in thanking him for all that he has done for the industry over the years.”

McMillan says: “The three years I have spent at the FSA and FCA have been professionally very rewarding. The transformation was challenging but I’m proud of what we have achieved.

“The next phase for the FCA will, I hope, be even more successful and, whilst I am handing the baton on, I look forward to seeing Martin, ExCo and the organisation go from strength to strength in the future.”

Raffe says: “It is with a mixture of excitement and sadness that I have decided now is the right time for me personally to take all of my experience in order to work with multiple organisations in a non-executive capacity.”


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There are 7 comments at the moment, we would love to hear your opinion too.

  1. Does this mean then; Adamson has been given redundancy, as his position (director of supervision) is no longer a role under this restructure ? and all before said report into the FCA’s failings in the closed book review, not due till the end of the year?

    If so; he will get away with a healthy package !!! where as he should have been made to wait for said report to be published and if it found he was incompetent, he should be SACKED !!!

  2. Any chance that MM can find out and publish what pay off each has received please?

  3. .
    What would Professor Jim Gower make of it all

    Bearing his mind one of his comments and conclusions

    “strictness of the regulations, should not be greater than is needed adequately to protect investors and this, emphatically, does not mean that it should seek to achieve the impossible task of protecting fools from their own folly. All it should do is to try to prevent people being made fools of. . . One has to make a value judgment on the relative weight to be attached to market freedom and to investor protection”

  4. Derek Bradley ceo Panacea Adviser 8th December 2014 at 4:39 pm

    Earlier this year, 8 months ago in fact, the FCA independent directors appointed Clifford Chance litigator Simon Davis to conduct an inquiry into the announcement via The Telegraph, by Clive Adamson, of an investigation into the insurance industry on the 27th and 28th March.

    This proved to be quite incendiary as TSC Chairman Andrew Tyrie noted “the FCA may have made an ‘extraordinary blunder’ in allowing market sensitive information about its work to reach the public domain ahead of schedule, thereby creating a disorderly market in shares”.

    Tyrie also stated that the “The FCA has a statutory duty to investigate cases of regulatory failure but it cannot be permitted to investigate itself. The board has announced that it will involve an external law firm in its investigation. More than that is needed”.

    How independent and quick the enquiry will be is yet to be seen.

    In its terms of reference the body said it wanted Mr. Davis to come up with the final report “as quickly as is reasonably possible” following the furore after its intentions to investigate the insurance sector were leaked to The Telegraph .

    The stated intention is to publish the report of this enquiry, but with a caveat that publication would be subject to any legal conditions. What such conditions may be remains unstated and what may result is a highly redacted report.

    There is a very concise set of FCA imposed protocols that apply to Simon Davis, laying out what he can and cannot do. It further states that he can make recommendations as he ‘sees fit’. There does not appear, to me, any mention that these recommendations will be binding.

    The terms of reference were issued on the 8th April, updated on the 2nd May and given press indications that billings so far for the work of Mr Davis had really only just entered six figures, set against a provision of £1.7m it would seem that matters are not progressing “as quickly as is reasonably possible” at all.

    As Howard Baker once noted, “It is almost always the cover-up rather than the event that causes trouble”.

    We wrote to the FCA in regard to the above enquiry, as it does seem to be taking a very long time indeed. It also appears from what we see to be costing a lot of money and will no doubt cost a lot more.

    See for yourself

    The FCA says Adamson and McMillan’s departures are not related to its closed book review.


  5. As others have said above, is this resignation or redundancy as if it turns out to be the latter then they should be finding a suitable alternative role for him. If it is because the report will find he made a costly mistake and he has been given redundancy in the meantime, then the sh*t is going to start hitting the fan as advisers have had enough of these golden parachutes and lack of contrition for mistakes at the F-pack.
    You cant pass fines on to the Treasury whilst having an exemption from paying compensation for COCK ups of your own. If the report finds and FCA employee to have been at fault then then compensation should now be paid by the Treasury, no more exemption from compensation. Crown immunity was removed from HM forces sometime ago and then the F-pack were given free rein to cause calamity.

  6. On the few occasions I attended presentations by Mr Adamson I felt he had an issue with Financial Services and with advisers min particular. I think one of the attributes he lacked was diplomacy and seemed to have a knack for rubbing up his audience the wrong way.

    Not an ideal regulatory candidate I would have thought.

  7. Clive is a respected figure in financial services…….with many friends across the industry? His departure isn’t connected to his monumental gaffe over the closed book review? Yeah, right. And I can walk on water, sprint 100m in under 10 seconds and pole-vault over a 20 ft wall.

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