The Financial Conduct Authority has announced this afternoon that a number of senior figures are set to leave as plans were unveiled to make a wave of structural changes.

Clive Adamson, the FCA's director of supervision and a member of the executive committee and board member, will depart.
Fellow executive committee members Zitah McMillan and Victoria Raffe will also be leaving the organisation.

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The main structural changes include:
• Authorisations and Supervision Divisions to be combined with the specialist supervision functions such as financial crime and client assets. Two Divisions will be created from April 2015 allowing for a clearer distinction between approach to the regulation of large and smaller firms.
• Tracey McDermott will take responsibility for managing this transition and will subsequently lead one of the new Divisions.
• A new Strategy and Competition Division led by Christopher Woolard will build on the competition capabilities, bringing together more of the market-based work supported by an enhanced data, intelligence and research capability to enable better prioritisation and focus across the organisation.
• A new Risk Division to provide a strategic approach to the management of internal and external risk. Richard Sutcliffe will be the acting Director for the new division.
• A new Markets Policy and International Division led by David Lawton will focus on increasing the FCA's focus and influence on the European stage.
• A Market Oversight Division will be created incorporating the UKLA and Market Monitoring functions. This will be led on an acting basis by Marc Teasdale. Other specialist market supervision functions will be integrated with Supervision.
The changes, which the FCA said reflected lessons learned from recent external reviews, will commence from 5 January and will be fully in place by April.
The FCA's remit has extended with the recent additional responsibility for regulating consumer credit meaning the number of firms that now come under the FCA has trebled over the past eighteen months.
The new approach has been shaped by a strategy that will provide a "sharper focus" on how firms are regulated and on delivering the right outcome for consumers and the markets, according to the FCA.
Martin Wheatley, chief executive of the Financial Conduct Authority, 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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