FSA head of enforcement Margaret Cole will become temporary head of the new conduct business unit when it informally divides next month.
Cole (pictured) will take on the role of managing director of the conduct business unit until September when Martin Wheatley will take over.
FSA chief executive Hector Sants says: “I am delighted that Margaret Cole has agreed to take on the role of leading the CBU until Martin Wheatley’s arrival. I am sure they will be an excellent management team to take the CBU forward.”
The informal split is part of the process of the regulator preparing for formal shake up of the regulatory structure currently being considered by Parliament.
Under the proposals the FSA will be broken up into the Prudential Regulation Authority, which will be part of the Bank of England and headed by Sants, and the Financial Conduct Authority, focusing on conduct of business regulation.