Two new regulatory bodies set up to replace the Financial Services Authority (FSA) are now operating.
With effect from 1st April 2013, the FSA has been replaced by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA).
The FCA has a remit to maintain and ensure the integrity of the market, regulate financial services firms so they give consumers a fair deal and ensure the financial services market is competitive.
The PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms.
The PRA’s role is to promote the safety and soundness of about 1,700 firms and, specifically for insurers, to contribute to the securing of an appropriate degree of protection for policyholders.
Both bodies will work alongside The Bank of England, Financial Policy Committee and HM Treasury.
HM Treasury has named the members of the Financial Conduct Authority (FCA) Board.
Including FCA chairman John Griffith-Jones, the board will consist of 12 members.
This includes four executive members: Martin Wheatley, chief executive of the FCA; Tracey McDermott, FCA director of enforcement and financial crime; Clive Adamson, FCA director of supervision; and Lesley Titcomb, FCA chief operating officer.
Andrew Bailey, chief executive of the Prudential Regulation Authority, will be a non-executive director. Mick McAteer, Amanda Davidson and Sir Brian Pomeroy were all FSA Board members and will join the FCA Board as non-executive directors.
Three non-executive directors are new appointments and these are Jane Platt, David Harker CBE and Amelia Fletcher.
John Griffith-Jones, chairman of the FCA, said: “The creation of a new financial regulator is a once in a generation event and the regulatory objectives set out for the FCA by Parliament demand a wide skill set.
“Therefore, I am especially pleased with the range and depth of experience of our new Board, as we embark on the FCA journey.”
The Court of the Bank of England has appointed three independent directors to the Board of the Prudential Regulation Authority (PRA).
They are; Iain Cornish, formerly Chief Executive of the Yorkshire Building Society, Rosalind Gilmore, a former Chairman of the Building Societies Commission and of the Lloyd’s of London regulatory board and Charles Randell, at present a Partner at Slaughter and May.
The appointments have been approved by the Chancellor of the Exchequer.