Three Senior U.K. FCA Executives Leave Amid Agency Restructuring

The U.K. Financial Conduct Authority said three top executives will step down amid a wider restructuring of the financial-markets regulator.

Clive Adamson and Victoria Raffe -- in charge of supervising and authorizing firms and individuals for financial services -- will leave in January as the FCA merges those departments. Communications Director Zitah McMillan will step down this week. All are members of the nine-strong executive committee, according to an FCA statement today.

“In the 18 months since the inception of the FCA we have achieved a lot, and now is the time to sharpen our focus,” FCA Chief Executive Officer Martin Wheatley said. “The financial industry continually evolves and to regulate it effectively we must evolve too.”

Once the supervision and authorization tasks are merged, they’ll be split in April so one focuses on large firms and the other on small. Tracey McDermott, now director of enforcement, will manage the transition and head one of the new divisions.

The restructuring and departures come ahead of the release of a report later this week into the agency’s bungling of publicity around a life-insurance industry review. The FCA was criticized by officials including Chancellor of the Exchequer George Osborne after it briefed the Daily Telegraph on plans to look at life insurance policies dating back to the 1970s.

The ensuing article sent insurers’ shares tumbling, wiping as much as $4.2 billion from their market value and raising questions about how the FCA managed supervision and approached supervision exercises.

The report from the investigation into the events, led by Clifford Chance LLP lawyer Simon Davis, is due Dec. 10.

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