10 Jan, 2008
Published: 14:30 Thursday 10 January 2008
By: Lauren MacGillivray, News Reporter
Stephen Bland, director of small firms for the Financial Services
Authority (FSA) and a key figure in the retail distribution review
(RDR), is to become director of wholesale firms after a shuffle by
Bland will replace Thomas Huertas, who will become banking sector
leader. The FSA said Bland will 'continue to lead the work on the
RDR for the immediate future'.
The new role of banking sector leader has been created to ensure
regulation of the banking industry is improved.
Meanwhile, the FSA also named Sally Dewar as a new member of the
FSA board and its new managing director of wholesale. Dewar,
currently director of markets, succeeds Hector Sants who became
chief executive in July.
And two other moves signal the FSA's restructure to create a
business unit that provides operational services to the FSA under a
chief operating officer, David Kenmir, while bringing other aspects
of regulation under the retail markets business unit.
Lesley Titcomb, director of regulatory transactions division, will
become director of the expanded small firms and contact division.
Graeme Ashley-Fenn, director of the contact, revenue and
information management division, will take over the new regulatory
transactions and reporting division.
'This reorganisation underpins and supports the FSA's
determination to enhance its delivery to small firms, which make up
some 95% of the firms regulated by the FSA, as well as improving
organisational clarity, efficiency and flexibility,' Sants said.
The role changes take effect on 1 February and will enable the FSA
to basically turn three divisions into two.