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FSA reveals transitional management restructure

The FSA has revealed details of its internal management restructure as it prepares to split into the Prudential Regulation Authority and the Consumer Protection and Markets Authority.

The transitional framework, which begins on April 4 and will cost £12.3m to implement, will see the Supervision and Risk business units replaced with a Prudential Business Unit and a Consumer & Markets Business Unit.

Martin Wheatley, who was recently confirmed as chief executive of the CPMA, will become chief executive of the CMB when he joins in September.

The CPMU will be divided into five business divisions. Alexander Justham becomes head of Markets, Sheila Nicoll head of Policy, Clive Adamson head of Supervision and Graeme Ashley-Fenn head of Authorisations. The Consumer Affairs brief has yet to be assigned.

Sitting alongside the CMBU will be the Prudential Business Unit, overseen by chief executive Hector Sants, and an Operations unit, headed by Lesley Titcomb.

Sants says: “The April 4 reorganisation begins a gradual process of change to ensure we are ready in 2012 to cut over to the twin peaks approach.

“There will, however, have to be some reprioritising of our workplan to ensure due regard to our need to focus on the transition. This will mainly be achieved by reducing some of our routine supervisory activity.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Meet the new bosses ~ the same as the old bosses.

    That aside, how can a bit of desk-shuffling possibly cost £12.3m?

  2. Come on, £12.3million isn’t bad.

    These guys will need lunch, wine, maybe even champagne as they could be moving over 5 metres from their previous position and need to celebrate. Let’s not forget hotel visits and 1st class travel.

    I don’t know how they’ll manage to make ends meet. But I’m sure that won’t worry them – if they go over budget they can just go out and fine someone for splitting an infinitive in a suitability report – IFA’s better add a few English lessons to those RDR plans

  3. Those of us who remember the Twin Peaks TV series will recall that it was weird and no-one had a clue what was happening.

    Parallels?

  4. What a joke! A little political manoeuvring to avoid past mistakes and all ahead into failure as it has been in the past.
    I am truly sick of UK regulation, the system is as crooked and self serving as the banks and government fails to acknowledge this as the elite class ride on regardless.

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