Cole to head FSA until September

Cole will become managing director, conduct division, until September, as the FSA splits into the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), the Financial Times reports. Cole will hand over responsibilities for the new FCA to former Hong Kong regulator Martin Wheatley in September. The FCA will have 3,000 staff and will be responsible for carrying out the RDR and the MMR. Hector Sants, current FSA chief executive, will become head of the PRA, answering to the Bank of England (BoE). The FSA included details of Cole's role in its 2011/12 business...