FSA chief executive John Tiner has announced a reorganisation of the management structure of the Authority.
The changes have been made to align the FSA's organisation with its strategic priorities, and to aid the shift from policy development to policy implementation, said the FSA.
The new structure, to be introduced from April 2004, will have three new business units, each headed by a managing director who will be a member of the FSA's board.
The three units will be:
· Regulatory Services. This will supply services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA's own operational requirements.
· Retail Markets. This will have overall responsibility for the FSA's extensive consumer agenda and regulation of firms or groups whose business in predominately at the retail end of the market.
· Wholesale and Institutional Markets. This 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 changes to the FSA's structure will see the Enforcement Division reporting directly to Tiner, the formation of a new Finance, Strategy and Risk Division also reporting to 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.
