The role of chief executive and chairman of the Financial Services Authority could be split as the financial watchdog searches for a replacement for Sir Howard Davies, who announced yesterday he would step down next autumn.
Link: Confirmed: Sir Howard to leave FSA
The proposal to split the role had been proposed when the FSA was first created in 1997, as a seperation of duties was seen as desirable under the guidelines of corporate governance.
Although the Treasury has not made a decision on the issue, many industry figures believe the role should be split because of the FSA’s increased prominence, its wider powers and expanded role, according to the Financial Times
John Tattersal, financial services partner at PricewaterhouseCoopers said: ‘I think the role should be split unless you get a very unusual individual who can combine both roles.
‘The chairman post could be to look after international regulation and strategy and the chief executive role could be more day-to day regulation.’
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