The financial services industry will be regulated by two independent groups from 2 April as the Financial Services Authority tries to ensure a smooth transition to the new regulatory structure in 2013. A “twin peaks” model will be introduced by the FSA to provide banks, building societies, insurers and major investment firms with two groups of supervisors, one focusing on prudential and one focusing on conduct. All other firms (i.e. those not ‘dual regulated’) will be solely supervised by the conduct supervisors. Hector Sants, the FSA’s chief executive, said the changes would go as far as possible to ensure the switch to the new regulatory structure, which will see financial regulation divided between the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA), will be as smooth as possible....Read more here--: FSA to introduce "twin peaks" model