Gordon Brown appoints FSA Managing Directors

Chancellor Gordon Brown has today appointed two new Managing Directors and Board members of the Financial Services Authority (FSA):

John Tiner will join the FSA from Arthur Andersen where he was head of the worldwide financial services practice. He will be Managing Director, Consumer, Investment & Insurance Directorate. This is a new post created in recognition of the importance that the Treasury and FSA attach to the promotion of consumer interests in the financial services sector. He will lead work on the FSA's consumer-facing activities, including improvement of consumer awareness.

Carol Sergeant will be promoted to Managing Director, Regulatory Process and Risk Directorate. She has been leading the FSA's recent re-organisation and will take over as Managing Director of the Directorate concerned with authorisation, enforcement, research and the FSA's new risk based approach to regulation.

Gordon Brown has re-appointed Michael Foot as Managing Director, Deposit Takers & Markets Directorate and a member of the FSA Board.

All of the appointments take effect from 1 June 2001.

The Chancellor said:

?I am very pleased to make these appointments which complete the new organisation of the FSA, ready for implementation of the Financial Services and Markets Act.?

The Chancellor also thanked Phillip Thorpe - who is stepping down as Managing Director, Regulatory Process and Risk Directorate - for his contribution to the FSA. Phillip Thorpe is joining the Washington-based Futures Industry Institute as its President.

Sir Howard Davies commented on the new appointments:

?I am delighted to welcome John Tiner to the FSA. His extensive experience of financial regulation in the UK and overseas will add considerable strength to our top management. Carol Sergeant's promotion is well-merited: she has already contributed a great deal to the construction of the FSA. Together with Michael Foot, they will be a strong team to take the authority forward.?

NOTES TO EDITORS

1. Biographical details:

Michael Foot. Managing Director, Deposit Takers & Markets Directorate, FSA. Joined the FSA Board in June 1998. Executive Director, Bank of England, 1996 to 1998. Appointed Head of Banking Supervision in 1993, Bank of England. Joined the Bank of England in 1969.

Carol Sergeant. Director, Strategic Change, FSA. Director of Banks and Building Societies, FSA, 1998 to 2000. Head of Department, Major UK Banks Supervision, Bank of England, 1993 to 1998. Also extensive experience in the markets and research areas of the Bank of England, which she joined in 1974.

John Tiner. Head of Arthur Andersen's worldwide Financial Services Industry practice since 1997. President of the Management Consultancies Association. Led the Bank of England's review of banking supervision in the UK in 1996. Worked on significant financial services assignments in Japan, US, Germany, Norway and Czech Republic. Managing partner of Andersen's UK Business Consulting practice, 1990 to 2000. Joined Andersen in 1976.

2. The appointments to the Board of the FSA were made by the Chancellor of the Exchequer on the advice of a Selection Panel, in line with the Code of Principles of the Commissioner for Public Appointments. The post of Managing Director, Consumer, Investment & Insurance Directorate was advertised in October 2000 as part of a wide-ranging search process. In light of the additional urgent need to appoint a replacement Managing Director, Regulatory Process and Risk Directorate, the FSA press notice of 21 March, Senior management at the FSA, PN/033/2001, announced that the Selection Panel would also review candidates for this post. The Selection Panel consisted of Sir Steve Robson (until recently Managing Director, Financial Regulation and Industry, HM Treasury), Sir Howard Davies (Chairman, FSA), Stewart Boyd QC (non-executive Deputy Chairman, FSA) and Judith Mayhew (Chairman of Policy and Resources Committee, City of London Corporation).

3. Membership of the Board of the Financial Services Authority as from 1 June 2001:

Sir Howard Davies - Executive Chairman, the FSA

Stewart Boyd, QC - Deputy Chairman, the FSA; Bencher, Middle Temple

Kyra Bergin - Formerly Managing Director and Regional General Counsel, Salomon Smith Barney/Citibank

Moira Black, CBE - Chairman, Consumer Communications for England; Vice Chairman, University of North London; Director, North West London Hospitals NHS Trust

David Clementi - Deputy Governor (Financial Stability), Bank of England

Tom de Swaan - Managing Board Member, ABN AMRO Bank NV

Michael Foot - Managing Director, Deposit Takers & Markets, Directorate, the FSA

Deirdre Hutton, CBE - Chairman, National Consumer Council; Member, Better Regulation Task Force

Gillian Nott, OBE - Chairman, Baronsmead Venture Capital Trust Plc; Director, Foreign and Colonial Pacific Investment Trust Ltd.

Christopher Rodrigues Group Chief Executive, Bradford & Bingley plc; Director, Energis Plc

Dr Shamit Saggar - Reader in Politics, Queen Mary & Westfield College, University of London; Board Member, National Consumer Council

Carol Sergeant - Managing Director, Consumer, Investment & Insurance Directorate, the FSA

John Tiner - Managing Director, Consumer, Investment & Insurance Directorate, the FSA

Keith Whitson - Group Chief Executive, HSBC Holdings Plc

Clive Wilkinson - Chairman, West Midlands Region of the NHS Executive; Chairman, OFWAT Central Customer Services Committee

4. Media enquiries should be addressed to Simon Moyse on 020 7270 4420 or Liane Farrer on 020 7270 5192 at the Treasury, or Vernan Everitt in the FSA press office on 020 7676 3232.