Thursday, 29 March 2012 09:14
FSA is just days from split into 'twin peaks' model
There are only a few days to go until the Financial Services Authority introduces its 'twin peaks' regulation model.
The split, due to happen on 2 April, will see the FSA split into two teams with one focusing on prudential supervision and the other focusing on conduct.
The move was hailed by the FSA earlier this year as a "new world of judgement-based regulation."
The change comes ahead of the move to the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) in 2013.
The FSA hopes by implementing a twin peaks model early, it will cause minimum disruption when the PRA and FCA are formed.
Since the change was announced, two senior members have announced their departure from the organisation.
Chief executive Hector Sants, who was key to the changes to the regulatory model, has handed in his resignation and is due to leave at the end of June.
As well as his role in setting up the new model, he was appointed chief executive designate of the PRA and was a member of the Financial Policy Committee, the third committee in the new tri-partite system, at the Bank of England.
His colleague Margaret Cole, head of the conduct business unit and former head of enforcement, also announced in February that she would be leaving the regulator in April.
She has since announced that she will be moving to a legal role at financial services firm PricewaterhouseCoopers.
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