The Financial Services Authority (FSA) today announced the appointment of Sally Dewar as its new managing director of wholesale.
She succeeds Hector Sants who became chief executive in July last year. Sally is currently the director of markets at the FSA. She will also join the FSA Board as will be announced by HM Treasury later today.
As wholesale managing director Sally Dewar will have responsibility for all regulated markets and the related infrastructure such as clearing and settlements; the operation of the UK Listing rules; and regulation of firms or groups which conduct primarily wholesale or institutional business between professionals.
Sally Dewar's career at the FSA began in 2002 as head of primary markets in the markets division, she was promoted to director of markets in October 2005. She previously worked at the London Stock Exchange's Listing Authority after nearly 6 years at KPMG.
Hector Sants, FSA chief executive officer, said: "I am delighted that Sally will be taking on the role of wholesale managing director, which follows an extensive search both internally and externally to find the right person for this senior FSA position. Sally brings a hugely valuable mix of regulatory and commercial experience.
"In addition to her technical knowledge and strengths she is also widely recognised across the FSA as an outstanding leader. I have worked closely with Sally since I began at the FSA and I look forward to working with her in her new role."
The FSA also announced today that Thomas Huertas, current director of wholesale firms, will take on an enhanced role as banking sector leader, reporting directly to Hector Sants. This new role has specifically been created to enable the FSA to ensure it has the necessary focus and resources to deliver the Tripartite authorities' initiatives to improve regulatory architecture of the banking industry.
Stephen Bland, currently director of small firms, will take Thomas Huertas's vacated role as director of wholesale firms. He will continue to lead the work on the Retail Distribution Review (RDR) for the immediate future.
Two other moves have been announced as part of the FSA's restructure to create a business unit that focuses on providing operational services to the FSA under a chief operating officer, David Kenmir, whilst bringing other aspects of regulation under the retail markets business unit.
Lesley Titcomb, currently director of regulatory transactions division, will become director of the expanded small firms and contact division. Graeme Ashley-Fenn, currently director of the contact, revenue and information management division, will take responsibility for the new regulatory transactions and reporting division. Both directors will now report to retail managing director Clive Briault. This change effectively turns three FSA divisions into two and generates cost savings and service improvements.
Commenting on the moves, Hector Sants said: "This reorganisation underpins and supports the FSA's determination to enhance its delivery to small firms which make up some 95% of the firms regulated by the FSA, as well as improving organisational clarity, efficiency and flexibility."
Thomas Huertas, Stephen Bland, Lesley Titcomb and Graeme Ashley-Fenn will start their new roles on 1 February.