Head of FSA's risk unit steps down
Sally Dewar, the head of the FSA's risk unit, has today stepped down after eight years with the Financial Services Authority. Ms Dewar had been expected to be one of the potential candidates to take over from outgoing chief executive Hector Sants but it seems that a delay in confirmation of the UK government's plans for the FSA may well be causing confusion within the Authority.
Ms Dewar was heavily involved in the regulation of UK banks during the recession and the credit crunch and in the last year received a 32% pay rise taking her salary to £576,000. It is unclear why she decided to leave at this moment in time although initially the Conservative Party have planned to reduce the power and influence of the FSA although of late indications from Downing Street would appear to show a U-turn is on the way.
There is no doubt that the FSA is now a much tougher animal than it has been in the past and indeed the number of convictions for market abuse and insider dealing has increased dramatically over the last two years. As a consequence, it is highly unlikely that David Cameron will disband the FSA but we await confirmation of his plans in due course.
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