The FSC today announces changes to the supervisory divisions for banking and
investment services to take effect as from April.
The change entails a merger of the banking and investment services
supervision divisions into one. The division will be headed up by Heidi
Bocarisa. The present Head of Banking Supervision, David Parody, will assume the
role of Chief Operations Officer for the Commission on a full time basis.
In announcing these changes Marcus Killick, who is shortly to commence his
second three year term as Commissioner, stated
"This move represents a logical progression in the FSC's aim of
continuously reviewing the way it can maximise its effectiveness and
efficiency. With most banks providing investment services as a major part of
their product base, the skills of the investment team can be combined with
those of banking to provide a cohesive supervisory approach. At the same
time the banking team can bring its experiences in the practices and systems
more common in large institutions and apply them in an appropriate way to
the smaller environment that is common for investment firms. I am delighted
that we are able to use the skills of existing team members to achieve this.
"
Referring to the new combined role, Heidi commented
"I am delighted to have this opportunity to lead what is a very
professional and dynamic team. There are existing synergies in both the
banking and investment services industries and this will be reflected in the
make-up and skills base of the new team at the FSC . The team will be
gearing up for two major European Union financial services directives that
will impact both on banks and investment firms and the next 12 to 18 months
will be both an interesting and challenging time."
The FSC has been growing in number of staff and has also undergone a number
of changes in the manner it conducts its supervisory approach in recent years.
During the last three years David Parody has been carrying out the role of
Chief Operations Officer in support of the internal change agenda that the FSC
has been undertaking. Commenting on this change, David said
"The role is that of supporting the Heads of Supervisory Divisions and
the Commissioner in designing new, or re-engineering existing, processes and
ensuring consistency of delivery. The FSC's growth in front-line staff and
breadth of activities have meant that it has reached a critical mass to
merit this role in a full time capacity. These are exciting times for the
FSC and I am looking forward to the challenges that lie ahead."
The FSC continues to be one of the few supervisory authorities around the
world with ISO9001:2000 certification and is presently undergoing work to obtain
the Investors in People Award. Both of these processes complement the FSC's
approach to continuous improvement.