The FSA’s new operational structure is designed to “better align its internal operating model to its core activities of identifying and mitigating risk, supervision and enforcement”. The reorganisation also takes account of the changing role of the FSA “in respect of international regulatory engagement, macro-prudential analysis and consumer financial education”.
The changes will take effect from 1 October and will conclude the significant internal reforms the FSA has undertaken during the last two years, incorporating the lessons learned from the banking crisis, the Northern Rock internal review and the priorities outlined in the Turner Review.
Hector Sants, FSA chief executive, said: "The new structure will underpin the radical changes we have made to our supervisory processes through the Supervisory Enhancement Programme (SEP). SEP was designed to deliver a significant increase in our supervisory resource and changes to the way we work, in particular for ‘high impact' or systemically important firms. The programme is on track and will be completed by the end of this year."
