April switch to 'twin peaks' regulation for FSA watchdogs

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The FSA came under fire last week for hiking its charges by 16% to £578 million in the final year before it is divided into two independent regulators.

The split of responsibilities is designed to ensure a seamless move to the two successor bodies - the Prudential Regulation Authority and the Financial Conduct Authority - which will replace the FSA in early 2013.

Chief executive Hector Sants said it was time to "crystallise the change from the old-style reactive approach to the new-style proactive approach".

The new model will mean that banks, building societies, insurers and major investment firms will, from April 2, have two groups of supervisors from the FSA, one focusing on prudential issues and one focusing on conduct. All other firms will be solely overseen by the conduct supervisors.

Sants called on financial firms to act proactively with the regulator. He said: "We are not asking firms to forgo their right to challenge their supervisor if their decisions have not been properly made.

"But we are suggesting that dragging their feet in complying with requests when it is obvious to all that the outcome is in the best interest of society as a whole is not a behaviour which should survive in the new world."