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FSA International Chief Huertas to Leave for Ernst & Young

Head of U.K. Financial Services Authority's international division Thomas Huertas. Photographer: Ralph Orlowski/Bloomberg
Head of U.K. Financial Services Authority's international division Thomas Huertas. Photographer: Ralph Orlowski/Bloomberg

Aug. 26 (Bloomberg) -- Thomas Huertas, the head of the U.K. Financial Services Authority’s international division, is set to leave the watchdog for accounting firm Ernst & Young.

Huertas, who is also alternate chairman of the London-based European Banking Authority, becomes at least the sixth senior official to leave the FSA since the government said in 2010 it would abolish the agency.

Sally Dewar, the managing director of risk, resigned last year and joined JPMorgan Chase & Co. Two former FSA department heads, David Strachan and Jon Pain, left the regulator to take jobs at separate accounting firms. Dan Waters, the FSA’s former director of conduct risk, stepped down in November of last year.

“During his seven years at the FSA, Tom has made significant contributions to both the way we regulate the financial sector and to our approach to supervision,” Hector Sants, the FSA’s chief executive officer, said in an e-mailed statement.

The FSA has restructured into two divisions to prepare for a government-mandated handover of lender supervision to the Bank of England. The agency has split internally into a prudential regulatory authority and a consumer protection agency to ready itself for a formal transition next year.

Huertas was also a member of the Basel Committee on Banking Supervision, the group of regulators and central bankers who have formulated global rules on bank capital. Before taking the international unit, Huertas headed the FSA’s U.K. banking supervision department, a post now held by Andrew Bailey, the Bank of England’s former executive director of banking services.

‘Crucial Work’

“A lot of the crucial work and negotiations on devising new capital and liquidity regimes has been done and the foundations of recovery and resolution planning are now being built,” Huertas said in an e-mailed statement.

The FSA said this month that banks should prepare so-called living wills setting out how they may be broken up with the least possible disruption to the economy if they collapse.

Failed lenders’ bondholders should also bear part of the costs of closure, the regulator said, as part of plans to shield taxpayers published on its website.

“After seven years at the heart of U.K. and EU regulation and supervision, the time is right for a new challenge,” he said.

To contact the reporters on this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net;

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net.

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