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Hector Seeks Support
Hector Sants, the Financial Services Authority’s CEO, has asked for collaboration from regulated firms as April 2nd approaches.
This is the date on which the FSA will operationally split itself into two teams in anticipation of legislation that will see the PRA regulate capital and liquidity and the FCA look after conduct.
Mr. Sants promises a pro-active judgment-led regime but warns that this approach will only be effective if institutions collaborate. He is asking firms not to take a legalistic stance designed to avoid regulatory effects.
Mr. Sants informed the market that the PRA will take about 1,100 FSA staff with the FCA consuming the remaining 2,900 people. Only 200 of these are front-line supervisors so further recruitment is on the cards.
It is interesting to note that Sants promises two sets of visits from regulators with two sets of independent judgements!
