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20 July 2000
TREASURY TO APPOINT NEW FSA BOARD MEMBER
A new Financial Services Authority (FSA) executive board post will be created to lead the FSA's work on consumer relations, insurance regulation and investment regulation.
Announcing the new post, Treasury Chief Secretary Andrew Smith said:
"This will be a key appointment at Managing Director level to lead on the FSA's consumer-facing activities, and on insurance and investment."
"The new Managing Director's responsibilities will include work on the FSA's statutory objective to improve public awareness of the financial system. Under the new Financial Services and Markets Act, the FSA will develop consumer education and ensure that customers get better information about the important choices they have to make."
This post will be advertised widely in the near future and filled as the FSA moves towards implementation of the new Act. With the appointment, the other Managing Directors' responsibilities will be restructured to reflect the additional post's creation.
NOTES TO EDITORS
1. The Board of the FSA is appointed by the Treasury. Appointments are made under the Financial Services Act 1986, which requires there to be a balance between the interests of those carrying on financial business and the interests of the public.
2. The FSA, which changed its name on 28 October 1997 from the Securities and Investments Board (SIB), currently exercises powers under the Financial Services Act 1986. It took on responsibility for banking supervision under the Bank of England Act 1998. It will take on responsibility for building societies, friendly societies and insurance when the relevant provisions of the Financial Services and Markets Act are commenced.
3. The three present FSA executive board members are:
- Sir Howard Davies Chairman
- Michael Foot Managing Director and Head of Financial Supervision
- Phillip Thorpe Managing Director and Head of Authorisation, Enforcement and Consumer Relations.
4 The attached list shows the current Financial Services Authority Board. It comprises the Chairman, the non-executive Deputy Chairman, two Managing Directors and ten non-executive Directors.
BOARD OF THE FINANCIAL SERVICES AUTHORITY
| Sir Howard Davies, Chairman | Joined the Board in July 1996 and became Chairman in August 1997 |
| Stewart Boyd QC, Deputy Chairman | Joined the Board in March 1999. Called to the Bar, Middle Temple in 1967 and appointed Queen's Counsel in 1981 |
| Moira Black CBE | Joined the Board in December 1998. Chairman, Consumer Communications for England. Vice-Chairman of the University of North London. A non-executive director of the North West London Hospitals NHS Trust. A trustee of the Royal Botanic Gardens |
| David Clementi | Joined the Board in September 1997. Deputy Governor (Financial Stability) of the Bank of England |
| Michael Foot, Managing Director | Head of Financial Supervision. Joined the Board in June 1998 |
| Deidre Hutton CBE | Joined the Board in December 1997. Vice Chairman of the National Consumer Council. Chairman of the Personal Investment Authority Ombudsman Bureau |
| Gillian Nott OBE | Joined the Board in December 1998. Chairman of Baronsmead VCT plc. Director, Foreign and Colonial Pacific Investment Trust Ltd. Trustee of Understanding Industry |
| Keith Oates | Joined the Board in February 1998. Non-executive Director of British Telecommunications plc. Non-executive Director of Diageo plc, where he chairs the Audit Committee |
| Christopher Rodrigues | Joined the Board in December 1997. Chief Executive of the Bradford & Bingley Building Society. A non-executive Director of Energis plc |
| Dr Shamit Saggar | Joined the Board in December 1998. Reader in Government at Queen Mary & Westfield College, University of London. Board member of the National Consumer Council. A non-executive member of the Whittington Hospital NHS Trust. A Governor of the Peabody Trust. Member of the Advisory Council, Institute of Citizenship |
| Sir Robert Smith | Joined the Board in December 1997. Vice Chairman, Deutsche Asset Management. BBC National Governor for Scotland. Chairman of the National Museums of Scotland. |
| Stephen Thieke | Joined the Board in December 1997. Chairman of the RiskMetrics Group. |
| Phillip Thorpe, Managing Director | Head of Authorisation, Enforcement and Consumer Relations. Joined the Board in June 1998 |
| Keith Whitson | Joined the Board in December 1998. Group Chief Executive of HSBC Holdings plc. He is also a director of the group's major subsidiaries in the UK, Hong Kong, USA, Canada and Argentina |