10 October 1997
APPOINTMENTS TO THE BOARD OF THE NEW REGULATOR
The Chancellor of the Exchequer and the Governor of the Bank of England have today announced that they plan to appoint three new Executive Directors to the Securities and Investments Board (SIB) shortly. This will become the Board of the new financial regulator (NewRO) and the three proposed Executive Directors (all of whom have indicated that they are willing to serve on the Board) will become the three Managing Directors of NewRO.
Richard Farrant, currently Chief Executive of the Securities and Futures Authority (SFA) is to become Managing Director and Chief Operating Officer.
Michael Foot, currently executive Director of the Bank of England responsible for Banking Supervision, is to become Managing Director and Head of Financial Supervision.
Philip Thorpe, currently Chief Executive of the Investment Management Regulatory Organisation (IMRO) is to become Managing Director and Head of Authorisation, Enforcement and Consumer Relations.
These appointments are to be made before Royal Assent to the Bank of England Bill, which will be introduced into Parliament soon after it resumes.
NOTES TO EDITORS
- Further information on these appointments can be obtained from the SIB Press Office on 0207 638 1240.
- Appointments to the SIB Board are made jointly by the Treasury and the Governor of the Bank of England.
- All Board Members are appointed in a personal capacity and do not serve as representatives of particular interests or associations.