UK: financial regulation reform - update from the FSA chief executive on transition to the new regime

The chief executive of the Financial Services Authority, Hector Sants, has published a letter providing an update on the actions being taken by the FSA in preparation for the implementation of the new financial regulatory framework proposed by the Government: see here (pdf). The letter explains, amongst other things, that on 4 April the FSA's current Supervision and Risk business units will be replaced with a Prudential Business Unit and a Consumer and Markets Business Unit; an updated organisation chart is available here (pdf). The letter also states, with regard to the need for legislation to transfer the FSA's power to the new regulators, that the Government will begin a further consultation later this month.