UK: financial regulatory reform - update from the FSA

The chief executive of the Financial Services Authority, Hector Sants, has written to firms providing an update on the changes being made as part of the reform of the UK's financial regulatory framework: see here (pdf). Mr Sants notes that the FSA has replaced its Supervision and Risk business units with a Prudential Business Unit and a Conduct Business Unit and that later this year more information will be provided regarding the high-level philosophies of the new regulatory bodies.