FSA chief executive John Tiner has announced a management restructure at the organisation designed to facilitate the shifting emphasis from policy development to policy implementation.
The restructure, which will be introduced from April 2004, will have three business units, each headed by a managing director and sector leaders who will have specific responsibilities for industry sectors and issues across the FSA.
The units include Regulatory Services, which will provide a range of services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA's own operational requirements. The unit will be responsible for processing, validating and warehousing data received from firms and the delivery of such data to supervisors.
The Retail Markets unit will have overall responsibility for the FSA's consumer agenda and regulation of firms or groups whose business is predominantly at the retail end of the market. These will include insurers, high street banks, building societies, and mortgage lenders and retail intermediaries.
The Wholesale and Institutional Markets units which will focus on the regulation of all regulated markets, the related infrastructure such as clearing and settlement, the operation of the listing rules and regulation of firms or groups which conduct primarily wholesale or institutional market business between professionals.
Three other significant changes will see the Enforcement Division reporting directly to John Tiner, the formation of a new Finance, Strategy and Risk Division also reporting to John Tiner, and a new legislative policy unit in the General Counsel's Division which will have specific responsibilities for streamlining and improving accessibility to the FSA Handbook.
Tiner says: “The new structure will enable more delegation of responsibility, speed of action and focus on the critical issues to make it easier for firms and consumers to do business with us.
“It will also position us to effectively handle the many thousands of new regulated firms who will fall within our remit when the mortgage and general insurance regimes are introduced in late 2004 and early 2005 respectively.”