The Financial Services Authority (FSA) today held its Annual Public Meeting at The Brewery in London, providing members of the public and interested parties a forum to discuss the FSA's Annual Report, which was published on 13 June.
In his speech at today's meeting, FSA chairman, Lord Turner discussed the challenges facing the FSA, its performance against its objectives for 2010/11 and the work undertaken over the past twelve months in preparing for the new regulatory structure.
Lord Turner said:
"Our priorities, activities and achievements for 2010 to 2011 were set out in our Annual Report which we published last week. I would like to highlight the key challenges the FSA has faced over the last year, and will face over the next.
"Since May last year, the FSA has had to meet a two-fold challenge to deliver our current statutory objectives within a still fragile global financial environment, while at the same time implementing major organisational change.
"Maintaining strong current performance while executing major structural change is - as any business knows - a very difficult challenge. It is one on which the Board has focussed its attention, seeking to ensure that the Executive has processes in place to manage successfully against both objectives.
"We are confident we are making good progress. The FSA will be ready for a smooth transition to the new structures well ahead of the completion of the Parliamentary process. And once an organisation is ready for change, the faster change comes the better. So from our point of view, we hope Parliament will now be able to progress the legislation at a good pace, while still subjecting it to the detailed scrutiny it undoubtedly deserves.
"The structural change will result in two new bodies - the Prudential Regulatory Authority and the Financial Conduct Authority, and a vital new Committee - the Financial Policy Committee. As we put these structures in place, we need to build upon major changes introduced by the FSA over the last three to four years, while seizing the opportunity for improved effectiveness which the new structures will give us.
"I want to thank all of the staff at the FSA once again for their hard work and professionalism in delivering on our goals throughout the past year."
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