FCA announce structural changes

The Financial Conduct Authority have today announced structural changes following a detailed review of its strategy, priorities and ways of working.

Related topics:  Finance News
Rozi Jones
8th December 2014
FCA

The FCA have recently taken on responsibility for regulating consumer credit, meaning the number of firms that now come under the FCA has trebled over the past eighteen months.

The approach is shaped by a strategy that will provide a “sharper focus” on how firms are regulated and on delivering the right outcome for consumers and the markets.

The main structural changes include:

- A merger of the current Authorisations and Supervision Divisions, with specialist supervision functions such as financial crime and client assets, allowing for a clearer distinction between the approach to regulation of large and smaller firms.

- A new Strategy and Competition Division led by Christopher Woolard, supported by an enhanced data, intelligence and research capability to enable better prioritisation and focus across the organisation.

- A new Risk Division to provide a strategic approach to the management of internal and external risk.

- A new Markets Policy and International division led by David Lawton will focus on increasing the FCA’s focus and influence on the European stage.

- A market oversight division will be created incorporating UKLA and Market Monitoring functions.

The FCA have said they recognise the differences in approach required across the industry given its size and variety, and hope to align the data and intelligence gathered from all sources to present a consistent FCA-view of what is happening in the market and what behaviour is expected from firms.

Martin Wheatley, chief executive of the Financial Conduct Authority, said:

“In the 18 months since the inception of the FCA we have achieved a lot, and now is the time to sharpen our focus. To look at how we can deliver our objectives and ambitions to the best of our abilities. The financial industry continually evolves and to regulate it effectively we must evolve too.”

The changes will commence from 5th January and will be fully in place by April.

Member of the Executive Committee and the Board, Clive Adamson, and Executive Committee members Zitah McMillan and Victoria Raffe have announced they will be leaving the organisation as part of the structural changes.

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