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FSA announces internal restructure

The FSA has announced an operational restructure which will include the creation of an international division and the merging of the retail and wholesale supervision teams.

Chief executive Hector Sants says the restructure will better align the FSA’s operation model with its core activities of identifying and mitigating risk, supervision and enforcement.

The FSA’s retail and wholesale firm supervision will be rolled into one supervision business under managing director Jon Pain.

Risk identification, risk management and policy formation will be rolled into one business unit headed up by managing director Sally Dewar.

The FSA’s existing financial stability team will be expanded into an enhanced division under director David Strachan. It will focus on macro-prudential issues and provide the central link for the FSA with the wider macro-prudential framework.

The new international division will be run by director Verena Ross.

The enforcement and financial crime divisions will merge to form one division under the management of Margaret Cole.

The financial capability division will move from the existing retail business unit to become a standalone division run by Chris Pond.

Sants says: “These changes will provide greater clarity, both internally and externally, as to the way we work and, in particular, reinforce our role as micro-prudential supervisor based on a model of integrated risk analysis and integrated supervision. I believe the actions we have taken since the crisis began have shown the effectiveness of this model. This reorganisation will ensure our changing working practices and the way we make our judgements are successfully institutionalized.”

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Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Well that might help….
    …………………………or is it just a another case of rearranging the deckchairs?

  2. Huh?
    What a load of worthless corporate double speak from Mr. Sants. The last word is probably the most poignant – we’ll all need to be institutionalised by the time they have finished. Have they not realised that retail advisers are a completely different business to wholesale providers????

  3. You can fool some of the people..
    ..some of the time.

  4. What a waste!
    I expect that this is supposed to be justification for the FSA’s huge salaries and bonuses that they have paid to themselves this year.

    These guys really need to get a grip and regulate where it is needed i.e. the banks

  5. Julian Stevens 2nd July 2009 at 4:34 pm

    FSA announces internal restructure
    Notable by its absence though is mention of any effort being made to reduce the massive and relentlesly increasing cost burden on the industry that the FSA represents. Cutting out £20m of bonus payments might be a good start, swiftly followed by an end to the patently false pretence that the FSA (fsa.GOV.uk) is independent of government. That, in turn, would lead to a massive reduction in the FSA’s salary roll to levels more in keeping with those of other government bodies.

  6. justice at last
    The FSA-Successfully institutionalised ?
    Now that does sound good!

  7. i’m so excited!
    this way they can create more smoke screens for thier incompetance, and charge us more for the pleasure. i can hear someone say happy days!

  8. The real world
    The more ‘institutionalised’ people become the further they are from the real world and the less they are suited to living in that world.
    This does seem a funny way of improving the performance of the FSA which claimed that it was not responsible for any of the bank failures, these being down to the lack of ‘systems’!
    Lack of knowledge of what was happening in the real world more like. If they had known what was happening they would have been able, one hopes, to put in those lacking systems. These moves look likely to consolidate their other worldliness, much as their salaries and unearned bonuses insulate them from the effects of their failures.

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