FSA replaces supervision and risk units as transition begins

Following an internal reorganisation, the units have been replaced by a Prudential Business Unit (PBU) and a Conduct Business Unit (CBU). Sants will head up the PBU, supported by Andrew Bailey, who joins the FSA today as a Bank of England secondee. Margaret Cole will be interim head of the CBU until Martin Wheatley takes up the role on 1 September. The government is transferring prudential supervision of banking and insurance to a subsidiary of the Bank of England, the Prudential Regulation Authority, and renaming the FSA the Financial Conduct Authority, which will focus on consumer p...