FSA managing director Clive Briault is to leave the regula- tor in the aftermath of the Northern Rock debacle with a £380,000 payoff.
Chief operating officer David Kenmir will fill Briault’s role in an acting capacity and HR director Kathleen Reeves will temporarily take Kenmir’s role.
Briault’s contract stipulates he will receive a year’s pay of £380,000 if his contract is terminated by the FSA.
As managing director of retail, Briault was the individual at the FSA with ultimate responsibility for supervising Northern Rock. Five of the team of even responsible for the supervision of Northern Rock have left the regulator.
FSA chief executive Hector Sants comments: “Clive has been an outstanding collea- gue who has contributed much to the organisation in his time at the FSA.”
Informed Choice managing director Martin Bamford says: “If Briault was head of the team, he should be responsible for its actions. Responsibility also lies with the guys at the top but this may not be the end of it.”
Norwest Consultants director Harry Katz says: “Briault is the main fall guy while the guys that steered the ship get away scot-free.”
Cicero Consulting director Iain Anderson says: “Briault has been instrumental in pushing forward the retail distribution review and the fact he is leaving in the midst of its outcome will obviously have an impact.”
The FSA is aiming to to bolster its supervision of large retail groups by allocating specialist directors.
David Strachan will now focus solely on the financial stability sector and will join the chief executive’s office alongside Thomas Huertas. Clive Adamson is to take on the role of director of major retail groups in an acting capacity.