FSA gets into shape for 2004

The FSA is undergoing a major internal reorganisation as it prepares to go live with its regulatory proposals.

Regulation of the mortgage and general insurance industries are just two areas under the regulator&#39s microscope and chief executive John Tiner is heading a management reshuffle as the body moves from policy development to policy implementation.

The restructured FSA, which will be introduced from April 2004, will have three business units – Regulatory Services, Retail Markets, and Wholesale and Institutional Markets – each with its own managing director with specific responsibilities for industry sectors and issues across the FSA.

Mortgage and general insurance brokers preparing for the change to statutory regulation are likely to be most affected by the Regulatory Services Unit which will provide a range of services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA&#39s own operational requirements.

It will be responsible for processing, validating and warehousing data received from firms and the delivery of this data to supervisors.

The Retail Markets unit will have overall responsibility for the FSA&#39s consumer agenda, primarily affecting insurers, high street banks, building societies and mortgage lenders and retail intermediaries.

The FSA&#39s enforcement division will report directly to Tiner, as will a new finance, strategy and risk division.

Tiner says: “The structure will focus on the critical issues to make it easier for firms and consumers to do business with us. It will also position us to handle the thousands of firms who will fall within our remit when the mortgage and general insurance regimes are introduced in late 2004 and early 2005 respectively.”