Megan Butler has stepped away from her supervisory role at the Financial Conduct Authority as part of a "transformation" programme at the regulator spearheaded by its new chief executive.
The former executive director for supervision of investments, wholesale and specialist has instead taken up the helm of the new transformation project as its executive director.
The shakeup was first hinted at in the FCA's business plan published in April, and newly appointed chief executive Nikhil Rathi has been vocal about transforming the City watchdog under his watch.
As head of supervision at the FCA, Ms Butler was heavily involved in its work surrounding the British Steel Pension Scheme fallout and the subsequent defined benefit transfer advice crackdown.
As part of the reshuffle the FCA is expected to merge its supervision departments, creating a single division led by two directors.
An FCA spokesperson told FTAdviser: "The programme aims to ensure that we make the best use of our resources, expertise and capability and build on the lessons learned from our response to the pandemic to maximise our effectiveness.
"As part of this programme, we are going to bring the two supervision divisions together, merging them with our policy and competition functions.
"This will form a new, single division which will be led by two executive directors - one focused on how we deliver our consumer protection and competition objectives.
"The other on ensuring we protect and enhance financial markets."
The changes will come into effect in the new year but it is understood Jonathan Davidson, currently executive director for supervision of retail and authorisations has decided not to pursue one of the new roles.
The FCA said: "He will be supporting through the transition and will also be advising on the FCA’s work on sustainability and climate change ahead of COP26 next year."
rachel.mortimer@ft.com
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