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FSA managing director of risk quits

FSA managing director of risk Sally Dewar has announced plans to leave the regulator in May 2011, Money Marketing can reveal.

FSA chairman Adair Turner informed staff this morning in an internal email and a public announcement is due to be made today. (Update: a public announcement has now been made.)

A source close to the regulator says Dewar is leaving becasue she does not want to be considered for the chief executive role, to replace Hector Sants, causing her to re-evaluate her priorities.

Dewar has been a managing director at the FSA since January 2008, initially of the wholesale business unit and most recently of the risk business unit.

She joined the London Stock Exchange’s Listing Authority in 1998 and from 2002 to 2005 was the head of the UK Listing Authority in the markets division of the FSA, before becoming director in October 2005.

As managing director of the risk business unit, Dewar has been responsible for sectoral and market-wide risk identification and mitigation, the overall risk management process and specialist prudential and conduct risk support to supervision and policy formation, covering prudential policy, conduct policy and markets policy.

She also had responsibility for supervision of all regulated markets and the related infrastructure, including clearing and settlement and the UK Listing Authority.

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Comments

There are 21 comments at the moment, we would love to hear your opinion too.

  1. Malcolm Simpson 11th June 2010 at 10:44 am

    Don’t want to be considered for a specific job so you quit your current one. Well that makes perfect sense! Wonder what the real reason is? Of course will become clear when they publish the reasons why letter

  2. Robert Donaldson 11th June 2010 at 10:46 am

    Out before pushed and no doubt off to line her nest elsewhere before it all folds round her.

  3. I should think so too given the appalling incompetence of the FSA and her role in it.

  4. Andrew Whiteley 11th June 2010 at 11:01 am

    I think she can be pretty proud of her record of identifying and mitigating risk across the financial sector!!

    It would seem that the only risk she has actually identifiend and mitigated is the risk of having her head above the parapet…..

  5. Just had a nice fat bonus. That should buy her some time to consider her options!

  6. Another one bites the dust Pitty it is not a big cloud called the FSA

    When will they get it

    They are a joke !!

  7. Send them all on a course called “learning how to sleep at night!!”

    Or “look at yourself in the mirror”
    or “do I really have morals or a conscience”
    or “Just how will I buy my way into heaven”

    Or ………. – really why do we even bother, as the ability to identify risk appears to have escaped her – finding the moral high ground could be impossible.

  8. In these austere times, this should keep a snout out of the trough. Good riddance.Do not replace.

  9. MR. JOGGA SINGH TEIDY 11th June 2010 at 11:44 am

    The comments above hit the nail on the head….shows how childish our top executives are…they can’t think for toffee to do their job role…

    I hope the Con Dem team can sort this mess out and find people who know how to do a job of wrok…and slash their salaries from public purse…

    no one believes her it appears…

  10. We pointed out a ‘risk’ the FSA hadn’t spotted despite being around since 1985! Yes that’s TWENTY FIVE years since the FSA (nee SIB) was created by the then Tory government.

    There are more ‘risks’, bigger ‘risks’, but I’m not going to show them the way for no recompense ever again, they take the proverbial. I’ll write it all dwon and give it to someone who will post it to the government after I am dead. It may be a bit dramatic but the last few weeks have brought back my frustrations at the ineptitude of the regulators. They appear to be wearing cloth ears again.

  11. “sectoral and market-wide risk identification and mitigation, the overall risk management process and specialist prudential and conduct risk support to supervision and policy formation, covering prudential policy, conduct policy and markets policy.” If ever there was a BS job description (spread it wide and spread it deep), then this must surely be it. One wonders what her annual performance evaluation (assuming one was ever undertaken) must look like.

    And to think she was being paid well in excess of £100,000 a year (+ bonus, of course).

  12. Gizza Job, I can do that.

  13. Leaving before she gets judged for her role in the recent financial crisis?

  14. Great minds discuss ideas. Average minds discuss events. Small minds discuss people.

    Eleanor Roosevelt

  15. William Kingsley 11th June 2010 at 12:48 pm

    Everyone eventually reaches their own level of incompetency and she reached hers in 2005.

  16. Seeing as we are held responsible for the actions we take, often years after the fact. Can I assume that when it is eventually established that the banking fiasco was direclty due to FSA incompetence high paid people such as Ms Dewar will be held to account. Aye that’ll be right!

  17. Ewart Matthias 11th June 2010 at 4:32 pm

    Was she pushed or did she jump. Probably not actually. If the truth be known she has probably been offered a higher paid job (is that possible) with some bank or provider somewhere at a highly inflated salary and pension that we the consumer/adviser will have to pay for.

    Is that me being cynical – never!

  18. Actually, last year, Ms Dewar received £400,000 salary, £85,000 bonus and £91,233 emoluments totalling £576,233

  19. Thank you Alan Lakey for sharing the obscene income information of Ms Dewar with us.The amount received for her mickey mouse job was sheer lunacy.

  20. Twelve months notice to leave a job. If it was the real world, she would be ask to leave now!

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