FSA has announced a new operational structure which will take effect from 1 October. It will incorporate the significant internal changes FSA said it would make following its examination of lessons from recent regulatory failures. Hector Sants said the structure will underpin the Supervisory Enhancement Programme for high impact firms. The main changes include:
- a sole Supervision business unit for wholesale and retail firms;
- integration of risk identification, risk management and policy formulation into one unit;
- better international capability;
- merging of Enforcement and Financial Crime; and
- enhancement of financial stability capability to focus on macro-prudential issues.