The FSA is insisting firms identify by name which senior executive at banks and other financial institutions will be responsible for handling particular regulatory or enforcement concerns.
According to a report in the Financial Times, the regulator wants firms to spell out in writing which senior executive will personally take charge of addressing an issue.
The regulator normally publishes its concerns in industry-wide letters highlighting particular issues or, in some cases, will highlight its concerns about a particular firm.
FSA director of conduct supervision Clive Adamson says: “For some time now we have been strengthening and enhancing our conduct supervision as we embed intensive supervision into our everyday work.
“As part of that we have been increasingly asking that firms identify senior managers who are responsible for specific policies or actions so that we can be clearer about accountability for delivering the most significant actions.”
The demand follows failed attempts by the regulator to bring a case against the executives involved in the near-collapse of Royal Bank of Scotland in 2009.
Yesterday it emerged the FSA failed to fine former UBS UK wealth management division chief executive John Pottage £100,000 for misconduct after it found a series of compliance problems within the business.