• FSA Library
  • Communication documents
    • Press releases

FSA/PN/052/2005
20 May 2005

The FSA has created a new accounting and auditing sector team to co-ordinate work across the FSA that involves accountancy issues. The new sector team will be led by Kari Hale, Director of Finance, Strategy and Risk, and formerly sector leader for banking. Thomas Huertas, Director of Wholesale Firms, will take over leadership of the banking sector.

The role of the new sector team will be to strengthen the FSA's relationship with the major auditing firms, and to co-ordinate the FSA's work with the national and international bodies that represent the profession.

Notes to editors

 

1. The FSA has no statutory responsibility for oversight of auditing or the accountancy profession. Accounting and auditing standard setting and enforcement in the UK is the responsibility of the Financial Reporting Council, under whose auspices corporate financial reporting is subject to oversight by the Financial Reporting Review Panel, while the conduct of the professional firms in the UK is overseen by the Professional Oversight Board for Accountancy.
2. The FSA established its sector teams in April 2004. There are eight teams that cover: asset management, insurance, banking, capital markets, retail intermediaries, consumers, financial crime and financial stability. Further details can be found on the Sector Teams pages.
3. 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.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve our business capability and effectiveness.