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Economy

Top regulator Briault to leave FSA

Wednesday, 19 March 2008

Clive Briault is leaving the FSA “by mutual agreement” at the end of April.

Hector Sants, chief executive of the Financial Services Authority (FSA), announced a series of management changes in a note to staff on Wednesday.

"Clive has been an outstanding colleague who has contributed much to the organisation in his time at the FSA and before that with the Bank of England. I am sure you join me in wishing him all the best for the future,” Sants wrote.

The City was abuzz with ugly rumours about Briault’s departure, after he oversaw the bungled handling of the Northern Rock crisis on behalf of the regulator.

Briault is the sixth member to leave the FSA of a seven strong group responsible for developing a rescue plan for the Newcastle-based bank.

David Kenmir will take on the role as managing director of the retail business unit, in an acting capacity. The role will also be immediately advertised externally and internally.

Kathleen Reeves, HR director, will take on Kenmir's current role as chief operating officer, also in an acting capacity. The FSA said that the changes would be effective immediately.

Sants also announced that large retail group supervision and financial stability will be allocated dedicated directors.

David Strachan will concentrate solely on his role as financial stability sector leader. He will join the chief executive's office alongside Thomas Huertas.

Clive Adamson will then take on the role of director of major retail groups, again in an acting capacity.

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