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.”