FSA Reform (1) – New Appointment
It has been announced that Martin Wheatley is to be the CEO of the Consumer Protection and Markets Authority (CPMA).
Mr Wheatley, who was previously the CEO of the Hong Kong Securities and Futures Commission, has also been appointed, effective from 1 September, as the new MD of the FSA’s Consumer and Markets Business Unit. It has been previously announced that Hector Sants will be the CEO of the Prudential Regulation Authority (PRA) (see below).
As will be known, the CPMA is one of the two successor regulatory bodies that will be formed from the break up of the FSA – the other being the PRA; see Regulatory Roundup 16. As a reminder, the PRA’s function will be the prudential regulation (but not the conduct of business regulation) of banks, building societies, investment banks etc. In all there will be around 2,200 firms within the PRA’s scope.
On the other hand the CPMA will be responsible for the prudential regulation and conduct of business regulation for what is left (approximately 25,000 firms) and the conduct of business regulation for the 2,200 firms which fall within the scope of the PRA. The new regulatory bodies are scheduled to be in place by the end of 2012 … perhaps – see following article.