View more on these topics

FSA restructures to aid risk regulation

The FSA is restructuring its operations, including the creation of an international division and the merging of the retail and wholesale supervision teams.

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.”


Plan of action

There is no doubt that the proposals contained in the FSA retail distribution review consult-ation paper are far reaching and constitute a bold move by the regulators.


It’s not impassable

After a hectic weekend wrestling my trusty old Lambretta from the New Forest up to Whitby, then over to Whitehaven via an incredibly steep and winding Hardknott Pass and back home again, I switched on my computer to find an email from an IFA waiting for me.

Discretionary move studied

RSM Bentley Jennison Finan- cial Management is looking at launching a discretionary fund management arm.

Group dynamics

Here we are eight months down the line from the FSA’s November 2008 feedback statement and we are little closer to knowing how the retail distribution review will treat workplace pensions.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm