Who's watching the London Insurance Market?
As anticipated back in February, the FSA's restructure in anticipation of the new split between the PRA and the FCA came into operation yesterday.
FSA Chief Executive, Hector Sants and Andrew Bailey of the Bank of England are leading the Prudential Business Unit whilst Margaret Cole is Interim Managing Director of the Conduct Business Unit until Martin Wheatley takes up this position on 1 September. (Margaret Cole's role as Head of Enforcement and Financial Crime is temporarily taken over by Tracy McDermott).
In its Dear CEO letter, the FSA published a detailed organisation chart showing who is in charge of what. It will come as a serious concern to the London Insurance Market that most of the units concerned with insurance do not have a permanent head. The head of the London Markets Team is simply "TBC" whilst the heads of the Non-Life and International Composites Team (in the Prudential Business Unit) and the Mortgages and General Insurance Team (in the Conduct Business Unit) are acting appointees.