FSA prepares for 2012 transition

The CEO of the Financial Services Authority has described the work done designing the supervisory approach and internal preparation for the transition, in 2012, to the new regulatory structure.

Hector SantsThe CEO of the Financial Services Authority (FSA), Hector Sants, has described the work done designing the supervisory approach and internal preparation for the transition, in 2012, to the new regulatory structure.  In June 2010 the Chancellor announced the Government’s intention to create three new regulatory entities: the Prudential Regulation Authority (PRA), the Financial Policy Committee (FPC) and the Consumer Protection and Markets Authority (CPMA).

In respect of the PRA, Sants outlined that the PRA will be more focused on reducing the impact of firm failure than the FSA has been and relatively less on reducing the probability of failure. This will require supervisors to make judgements on, among other things, the gross impact of firm failure, business plans, systems, controls, culture and governance, capital, liquidity and asset quality and, crucially, on resolution planning.

 

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