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Facing staunch criticism for its oversight of Britain's insurance sector, the United Kingdom's top financial regulator will restructure itself less than two years after its launch, the agency disclosed Monday. The overhaul will bring a "sharper focus" to the U.K.'s oversight, in part by amending its regulatory approach for smaller firms and emphasizing "a more risk-based model" for individual companies, the Financial Conduct Authority (FCA) said. Beginning next month, the agency temporarily unite its registration and supervision functions with its financial crime and enforcement division, under the plan. The FCA will also create two new divisions by April, "allowing for...