Chief executive Hector Sants says that the restructure will better align the FSA’s operation model with its core activities of identifying and mitigating risk, supervision and enforcement.
The retail and wholesale firm supervision will be combined into one business under managing director Jon Pain.
Risk identification, risk management and policy formation will be rolled into one unit led 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 managed by director Verena Ross.
The enforcement and financial crime divisions will merge under the management of Margaret Cole.
The financial capability department 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 a micro-prudential supervisor based on a model of integrated risk analysis and supervision.
“This reorganisation will ensure our changing working practices and the way we make our judgements are successfully institutionalised.” Bill Warren Compliance managing director Bill Warren says the restructure makes sense.
He says: “Jon Pain seems to be a man that gets things done and combining retail and wholesale firm supervision is a good move. Instead of wondering what is going on in other divisions, he and his team will have all the relevant information to hand.”