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Dewar joins the Board in the capacity of managing director of wholesale at the FSA. She is currently the FSA’s director of markets.

As wholesale managing director Dewar will have responsibility for all regulated markets and the related infrastructure such as clearing and settlements, the operation of the UK Listing rules and regulation of firms or groups which conduct primarily wholesale or institutional business between professionals.

Dewar's career at the FSA began in 2002 as head of primary markets in the markets division. She was promoted to director of markets in October 2005. She previously worked at the London Stock Exchange's Listing Authority after nearly six years at KPMG.

She replaces Hector Sants as managing director of wholesale, following his appointment to the position of chief executive of the FSA in July 2007.

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 for consumers and fighting financial crime.

There are currently three managing director posts and nine non-executive members of the FSA board, in addition to the chairman and chief executive.

The FSA also announced today that Thomas Huertas, current director of wholesale firms, will take on an enhanced role as banking sector leader, reporting directly to Hector Sants.

This new role has specifically been created to enable the FSA to ensure it has the necessary focus and resources to deliver the Tripartite authorities' initiatives to improve regulatory architecture of the banking industry.

Stephen Bland, currently director of small firms, will take Thomas Huertas's vacated role as director of wholesale firms. He will continue to lead the work on the Retail Distribution Review (RDR) for the immediate future.

Two other moves have been announced as part of the FSA's restructure to create a business unit that focuses on providing operational services to the FSA under a chief operating officer, David Kenmir, whilst bringing other aspects of regulation under the retail markets business unit.

Lesley Titcomb, currently director of regulatory transactions division, will become director of the expanded small firms and contact division.

Graeme Ashley-Fenn, currently director of the contact, revenue and information management division, will take responsibility for the new regulatory transactions and reporting division.

Both directors will now report to retail managing director Clive Briault. This change effectively turns three FSA divisions into two and generates cost savings and service improvements.

Sants said, “This reorganisation underpins and supports the FSA's determination to enhance its delivery to small firms which make up some 95 per cent of the firms regulated by the FSA, as well as improving organisational clarity, efficiency and flexibility.”

Huertas, Bland, Titcomb and Ashley-Fenn will start their new roles on 1 February.

Related links

• HM Treasury
• Financial Services Authority