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FSA UK banking head steps down

FSA head of large complex UK banks Mandy Spink has decided to leave the regulator.

Money Marketing understands Spink is stepping down at the FSA to join consultancy Promontory, which focuses on regulatory advice.

Spink has been at the FSA since it was created in 1997, and has 20 years experience in financial services regulation.

She was previously head of mortgages and credit unions in the FSA’s small firms division. She also led the retail intermediaries sector team at the FSA, which was responsible for identifying trends and risks in mortgage, general insurance and financial advice firms.

The FSA confirmed Spink’s departure but declined to comment further.

The news comes one week after the regulator announced that conduct business unit director and former director of enforcement Margaret Cole is to leave the regulator after seven years.


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There are 17 comments at the moment, we would love to hear your opinion too.

  1. Successful track record then – Not!!!!!

    1997 to 2007 biggest rise in house prices and lending based boom ever and the biggest bust- a record to be proud of!!!! – Not

  2. So the head of the that part of the govt. quango that so screwed up bank regulation that we ended up with a financial and banking crisis leaves to take another (presumably highly paid) job in regulation.

    It begs the question what do these people have to do to render themselves unemployable?

  3. ” responsible for identifying trends and risks in mortgage, general insurance and financial advice firms”

    So she headed up the department which presided over PPI, bank and economic collapse and widespread mortgage fraud.

    No wonder she has left to a high paid job in the city…

  4. “Rats, ships” etc etc.

  5. rats & sinking ship springs to mind

  6. Promontory, home of Michael Foot, architect of regulation past, present and future.

    We must remember that all the FSA staff, from the top down, will have had a bit of a hard time of late, assessments and all that malarkey for a job in the ‘new and improved’ regulator.

    Ho hum

  7. Hector Sants said that, with the benefit of hindsight, he “should have shouted a bit louder” about his concerns over the crisis developing in the UK banking system. But from Mandy Spink ~ not a squeak!

    Surely, if Clive Briault was given the order of the boot for failing to ensure that his department reined in the extremely high risk lending practices of Northern Rock, the failure of Ms. Spink to discharge properly her responsibilities with regard to the large and complex banks is in a whole other league of its own. Certainly, the consequences of her failure are of an immeasurably greater magnitude than those caused by Clive Briault’s manifest dereliction of duty. Yet, as usual, she’ll walk away scot-free to another highly paid City job without so much as a slap on the wrist. It really is a sickening disgrace.

  8. Another one bite the dust. Getting out before the chickens come home to rest as financial services implode due to RDR

  9. Yep! Just as we all knew & said. Revolving doors. Also gives the excuse for another highly paid snout in the trough! Obviously the normal excuse will be rolled out “we had to pay a premium (and possibly a golden hello) to get the right person.

  10. She has seen the writing on the wall and the new regulatory body is not going to be up to the job either without a fundamental change in attitudes, implementation and of course having knowledgeable people running the show. I would bet she didn’t even pass FPC, anyone know if she has RO1 even?

  11. Ok, now that a lot of the “top people” are leaving, maybe their replacements will listen to the industry and normal consumer and revisit the RDR and finally see it for the farce it is. With a bit of luck they will scrap it in its current form and replcae it with a workable and sensible solution. Oh sorry, I just woke up from a dream…..

  12. OK, lets look at this. In June 2011 they lost a director, In November they lost andother director, in February this year M Cole says she is leaving and now and now another “top person” quits. Hector I think they are finally starting to see the that the RDR is going to be farcial with all of its unintended consequences and are getting off side sharpish. If you wont listen to the industry, advisers or consumers for God’s sake listen to what your top trusted allies are telling you by leaving. They are getting away from any kind of future redress and they too can say “No, the RDR fiasco definately wasnt my fault, maybe I should have shouted louder and maybe then someone would have listened”

  13. Its beginning to dawn to the top brass at the FSA that there’s no future for them there…..

  14. Cant say I am suprised that the top brass are leaving, They know full well they have totally wrecked the industry, all they had to do was to apply the brakes and make a controlled stop to avoid smashing into the wall but no, they would rather leave a big pile of DO DO for some-one else to clear up. They can now sit safely in their new jobs and absolve themselves.

  15. The Top Brass who have left will have the gall to announce to any who will be daft enough to listen “RDR happened AFTER I left, I am not responsible for the collapse of numerous IFA firms and therefore the fall in savings and investment.

  16. The FSA appears to be in high state of disarray. How and why are so many prominent members of its staff leaving? The Govt minister should order an inquiry before RDR becomes a reality and without any delay whatsoever.

  17. Spink, Cole, any chance of Sants too?

    Jumped before pushed?

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