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Woman who led bank clampdown promoted

Three leave in shake-up at financial watchdog

The Financial Conduct Authority has confirmed the exit of three key staff and promoted the woman who led the clampdown on the banks as part of a review of its operations.

It said it had restructured its operations to better deal with variety of issues and improve its focus. Clive Adamson, director of supervision, will leave along with Victoria Raffe, director of authorisations, and Zitah McMillan, director of communications.

The changes come ahead of a report due later this week into the leak of a newspaper story in March which led to a collapse in the share prices of some of the UK’s biggest insurers and prompted an outcry.

The watchdog said Adamson and MacMillan’s departures were unconnected with the insurance review.

It said that the number of firms under its remit has trebled over the past 18 months since it replaced the much-maligned Financial Services Authority.

The strategy report said: “The scale and scope of our new remit has put our supervisory model for small firms under strain. We also know that things have felt stretched and we have heard from you that it can be difficult to align the things we care about and the issues we pursue across the organisation.

“As a consequence it is, at times, difficult to understand the relative importance of the competing demands on our time.”

Tracey McDermott, FCA head of enforcement, who led the regulatory action against the banks and payday lenders, will take greater responsibility.

The changes will be in place by April.

Martin Wheatley, FCA chief executive, said: “In the 18 months since the inception of the FCA we have achieved a lot, and now is the time to sharpen our focus. To look at how we can deliver our objectives and ambitions to the best of our abilities. The financial industry continually evolves and to regulate it effectively we must evolve too.”

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