Putting the possibility of any delays to one side, the FSA is sending out a ‘Dear CEO’ letter from Hector Sants providing a progress update on the transition to the new regulatory structure.
The communication includes a link to the new FSA management structure, which will take effect on 4 April, as part of that transition (although as the letter points out, this will not be the start of ‘twin peaks’ supervision).From that date the FSA’s Supervision and Risk business units will disappear; firms will be advised by the FSA where their supervision will sit within the new structure.
