FSA in management shake-up

Source: Financial Services Authority

Hector Sants, Chief Executive of the Financial Services Authority (FSA), announced a series of management changes today.

In a note to FSA staff, he said:

"It is with regret I announce that Clive Briault is leaving the FSA by mutual agreement at the end of April. Clive has been an outstanding colleague who has contributed much to the organisation in his time at the FSA and before that with the Bank of England. I am sure you join me in wishing him all the best for the future.

"David Kenmir will take on the role as Managing Director of the Retail Business Unit, in an acting capacity. The role will also be immediately advertised externally and internally. Kathleen Reeves, HR Director, will take on David Kenmir's current role as Chief Operating Officer, also in an acting capacity. These changes will be effective immediately.

"Furthermore, in order to strengthen our capacity in the key areas of large retail group supervision and financial stability, I have decided to allocate them dedicated directors. David Strachan will concentrate solely on his role as Financial Stability Sector Leader. He will join the Chief Executive's Office alongside Thomas Huertas. Clive Adamson will then take on the role of Director of Major Retail Groups, again in an acting capacity. These will be effective from 7 April. This role will also be advertised externally and internally immediately."

Separately, the watchdog confirmed that it is investigating trading in UK financial shares in recent days.

Sally Dewar, managing director, wholesale and institutional markets, said:

"There has been a series of completely unfounded rumours about UK financial institutions in the London market over the last few days, sometimes accompanied by short-selling. We will not tolerate market participants taking advantage of the current market conditions to commit abuse by spreading false rumours and dealing on the back of them.

"We remind market participants of the need to take extra care, in this market climate, to adhere to the market code of conduct."

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