Radical shake-up planned for FSA
A huge management restructuring exercise looks set to go ahead at the Financial Services Authority.
The City Watchdog is expected to announce today that it will slash the number of its committees, re-deploy staff and split the organisation into two areas – one for the industry and one for consumers.
The shake-up comes after a review by the new chief executive John Tiner and is aimed at helping the FSA to get ready for a huge increase in the volume of its work.
By 2005, the number of companies it regulates will leap from some 12,000 to 50,000.
Tiner is believed to want the authority to focus more on implementing regulation rather developing new policies reported the Financial Times newspaper.