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FCA restructure sees Clive Adamson and director of comms exit

Regulator says senior departures are unrelated to closed book review

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

In an announcement this week ahead of the publication of a review of its closed book blunder, the FCA says director of authorisations Victoria Raffe is also stepping down.

The overhaul will see the supervision division merged with the authorisations unit.

From April, the FCA will create two new divisions which aim to create a clearer distinction between its regulation of large and smaller firms.

Director of enforcement and financial crime Tracey McDermott has effectively been promoted to take over Adamson’s role.

She will take responsibility for managing the transition and lead one of the new divisions.

A further four divisions will be created, focusing on strategy and competition, risk, markets policy and international, and market oversight.

The strategy and competition division will be led by director of policy, risk and research Christopher Woolard, while head of client assets Richard Sutcliffe will be acting director for the risk division.

Director of markets David Lawton will lead the markets policy and international unit, and UKLA head Marc Teasdale will head up the UKLA and market monitoring division on an acting basis.

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

The FCA says the senior departures are not related to the report on the regulator’s handling of a media briefing in March, and that those leaving will not receive a redundancy package.

The briefing by Adamson on the FCA’s review of closed book policies caused insurers’ share prices to tumble in the six hours it took the regulator to release a clarification statement.

An FCA spokeswoman says: “Clive, Zitah and Victoria took the decision to leave as part of the structural changes. As such, those leaving will only receive their contractual entitlement.”

Adamson says: “We have made real progress and have much to be proud of in our supervision work. The changes announced today are an important step in the FCA’s development and 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 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.”

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Adviser view

Martin Bamford
Managing director
Informed Choice

The measure of success of the restructure will be more efficient regulation. To restructure for the sake of it or to deal with a separate issue would be the wrong motivation.

Who’s in and who’s out

Out: Director of supervision Clive Adamson
Director of communications Zitah McMillan
Director of authorisations Victoria Raffe
Chief operating officer Lesley Titcomb (quit last month to become chief executive of The Pensions Regulator)

In: Director of enforcement and financial crime Tracey McDermott – becomes director of supervision and authorisations
Director of policy, risk and research Christopher Woolard – becomes head of strategy and competition
Head of client assets Richard Sutcliffe – becomes acting head of risk
Director of markets David Lawton – becomes head of markets policy and international
UKLA head Marc Teasdale – becomes acting head of UKLA and market monitoring

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