We have reported previously on the UK government’s proposals to reform the regulatory structure in the UK and abolish the FSA (click here to see our post).

Lyndon Nelson, director of risk management at the FSA, spoke at a meeting of the All Party Parliamentary Group on Insurance and Financial Services last Wednesday, 14 July 2010. The following is a short summary of what he is reported to have said:

– The FSA will reorganise internally from the end of January 2011 to match the proposed Prudential Risks Authority/Consumer Protection and Markets Authority structure.

– The internal structure will run for about a year, with a final “go live” for the new Authorities currently timetabled for late June 2012.

– A Government consultation paper is to be published this Friday, 23 July, dealing with the proposed reforms.

– Separate consultations are expected to follow on the proposed Economic Crime Agency and on consumer credit, but timetables for these have not yet been fixed.

We continue to monitor developments and will report them here. The consultation paper, in particular, will be of great interest.