The FCA has set out details of how it intends to meet the regulatory challenges ahead following a detailed review of its strategy, priorities and ways of working.
Several structural changes to how the organisation works will complement this new approach. The main structural changes are:
- the FCA will bring together the current Authorisations and Supervision Divisions with certain specialist functions such as financial crime and client assets. Two divisions will be created from April 2015 which is intended to allow for a clearer distinction between the FCA’s approach to the regulation of large and smaller firms;
- Tracey McDermott will take responsibility for managing this transition and will subsequently lead one of the new Divisions;
- a new Strategy and Competition Division led by Christopher Woolard will be created which will build on the FCA’s competition capabilities;
- a new Risk Division will be created 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 be created which will focus on increasing the FCA’s influence on the European stage; and
- a new Market Oversight Division will be created incorporating the FCA’s UKLA and Market Monitoring functions. Other specialist market supervision functions will be integrated with the Supervision Division.
The changes will commence from 5 January 2015 and will be fully in place by April 2015.
View New strategic approach to ensure “sharper focus” to regulatory challenges ahead, 8 December 2014