All change

New chief executives like to make their mark early and this commonly takes the form of restructuring. John Tiner, who became chief executive of the FSA on 22 September, has lost no time in announcing a shake-up of the organisation.The model that will operate from April 2004 was published on 3 November. A managing director of each of three new business units – Regulatory Services, Retail Markets and Wholesale and Institutional Markets – will sit on the FSA Board and report in to Mr Tiner. They will be supported by sector specialists at director level whose remits will range across the FSA, covering banking, capital markets, insurance, asset management, retail intermediaries, financial stability, business continuity, consumers and financial crime.