162/97
11 December 1997
APPOINTMENTS TO THE BOARD OF THE FINANCIAL SERVICES AUTHORITY (FSA)
The Chief Secretary today announced that the Treasury and the Governor of the Bank of England are making four appointments to the Board of the Financial Services Authority. Ms Deidre Hutton, Mr Christopher Rodrigues, Mr Robert Smith, Mr Stephen Thieke are appointed Directors. All four are appointed for a three year term.
Mr Brian Williamson, CBE, has been reappointed for a further year from 3 November.
The Chief Secretary said today:
"I am very pleased to make the announcement of these appointments to the Board of the FSA. The Authority has a major task ahead of it to implement our reform of financial services regulation. I am grateful to the Board for taking on that responsibility."
These appointments are made under the Financial Services Act 1986 but reflect the Government's wish to see a broadly-based Board to provide effective leadership and guidance as the FSA takes on wider responsibilities. All members serve in a personal capacity but bring particular experience to the Board's deliberations, in particular consumer interests, building societies, investment banking and international matters.
Further appointments will be made in due course.
NOTES TO EDITORS
1 These appointments are made under the existing legislation, the Financial Services Act 1986 which requires there to be a balance between the interests of those carrying on investment business and the interests of the public.
2 The Board of the FSA is currently appointed jointly by the Treasury and the Governor. Once the Bank of England Bill is enacted, appointments will be made by the Treasury alone.
3 All Board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations.
4 The FSA, which changed its name on 28 October from the Securities and Investments Board (SIB), currently exercises powers under the Financial Services Act 1986. It will take on responsibility for banking supervision once the Bank of England Bill, now before Parliament, is enacted and for building societies, friendly societies and insurance when the reform bill becomes law.
5 Biographical details
Deirdre Hutton is Chairman of the Scottish Consumer Council and Vice Chairman of the National Consumer Council. She is also Chairman of the PIA Ombudsman Council and, at present, a member of the PIA Consumer Panel.
Christopher Rodrigues is Chief Executive of the Bradford and Bingley Building Society. He was formerly Chief Executive of Thomas Cook Group Limited and, prior to working at Thomas Cooke, spent nine years with American Express including as Managing director of Travel and Travel Management Services, London.
Robert Smith is Chief Executive, Morgan Grenfell Asset Management Limited; member of the Group Executive Committee of Deutsche Bank AG; Chairman of Morgan Grenfell Development Capital Limited; and a Director of Deutsche Morgan Grenfell Group plc and Morgan Grenfell (Scotland) Limited. He was formerly Managing Director, Charterhouse Development Capital Limited (and an Executive Director of Chapterhouses Bank) and prior to that held senior positions at the Royal Bank of Scotland and National Commercial and Glyns Limited; and worked at 3i. He is a Chartered Accountant, and was President of The Institute of Chartered Accountants of Scotland in 96-97.
Stephen G Thieke is a Managing Director and Head of JP Morgan's Corporate Risk Management function. He serves as Chairman of the Market Risk Committee and the Credit Policy Committee of JP Morgan; and is Chairman of JP Morgan Securities Inc. He joined JP Morgan in 1989 after 20 years at the Federal Reserve Bank of New York, where he was Executive Vice President and Head of the New York Fed's Credit and Capital Markets Group.