FSA chief executive Hector Sants has appeared to suggest that the timetable for moving to the new regulatory structure has slipped to the first half of 2013.
When Chancellor George Osborne announced that the FSA would be scrapped in favour of a twin peaks model of regulation with the creation of a Prudential Regulation Authority and Financial Conduct Authority, he said the transition process would be completed in 2012.
In March 2011 the FSA began making reference to changeover to the regulatory structure to the end of 2012 or early 2013.
The end of 2012 deadline was then quietly dropped in later speeches made by FSA chief executive Hectors Sants (pictured) with completion pegged for early 2013.
But in a speech delivered today by Sants at the British Bankers’ Association international banking conference in London, the timetable appeared to slip further.
Sants said: “The FCA will be the successor body to the FSA. It is the intention that this new structure will become effective in the first half of 2013.”
The FSA launched a strategy document on the FCA earlier this week, and held a conference on the set-up of the FCA yesterday.