Announcing the changes in a speech to the Finance Committee of the Corporation of London, John Tiner said that he had been looking at the organisational structure of the FSA in the light of the split Chairman/CEO role and the FSA's strategic priorities for the future. He said his thoughts are beginning to crystallise and he would discuss them with the FSA Board shortly.
In the meantime, he was able to announce the MED/UKLA merger ahead of the wider review.
John Tiner said: "We will be combining our Markets and Exchanges Division with the UK Listing Authority to create one division, the Markets Division, responsible for both the primary and secondary securities markets from the 17th November. I think there is a convincing strategic rationale for running these two areas within one division.
"Gay Huey Evans has been with the FSA for five years running MED and has brought tremendous market expertise to our work. She has extensive first-hand market experience, and is very well known among market professionals."
The UKLA maintains the Official List of securities that are traded on the London Stock Exchange. It is responsible for admission to the list and enforcing compliance with ongoing requirements. The Markets and Exchanges Division is responsible for the supervision of exchanges, alternative trading systems, clearing and settlement houses as well as enforcing the code of market conduct.
Ken Rushton, the current head of the Listing Authority will remain in the FSA leading the work on the Listing Review, announced earlier.
John Tiner added: "I am very grateful that Ken will be staying on to drive forward the Listing Review. This is a major piece of work for the FSA."
Background
- Gay Huey Evans has been the Director of Markets and Exchanges at the FSA since September 1998. Before that she was employed by Bankers Trust Company (1984-1994) in Risk Management Services where she was a Senior Managing Director. Since 1994 she served as Chairperson of the International Swaps and Derivatives Association. She has represented the UK at IOSCO. She was educated at Bucknell University in Lewisburg, Pennsylvania where she gained a BA in Economics. Her interests include music, art, photography and tennis. A photo of Gay Huey Evans is available from the FSA press office.
- The merger will take effect on 17 November. Ken Rushton will co-head the new Division with Gay until 1t January 2004. His original contract was for two years and expired in August. He has agreed to stay on at the FSA to direct the Listing Review, he will be reporting to Michael Foot. Ken will work three days a week on this project.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
- The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.
