172/98
21 October 1998
BUILDING SOCIETIES COMMISSION APPOINTMENTS
The Treasury has appointed Carol Sergeant as the new Deputy Chairperson of the Building Societies Commission (BSC) in succession to Martin Owen. She is Director, Banks and Building Societies at the Financial Services Authority (FSA) and has been a member of the Commission since April this year.
The Treasury has also appointed Shaun Mundy, Head of UK Banks Department at the FSA, as a Commissioner.
Martin Owen, who has been Deputy Chairman of the Commission since October 1995, is joining the FSA as head of a special Year 2000 Unit, supporting the overall supervisory effort on this issue.
Economic Secretary, Patricia Hewitt said:
"Carol Sergeant and Shaun Mundy will have key responsibilities at the FSA for the supervision of building societies. Their membership of the Commission will assist a smooth transfer of its functions to the FSA. The appointments reflect the Government's aim to bring about cohesion and practical working together by the existing regulators ahead of the passage of the Financial Services and Markets Bill.
"Martin Owen has made a major contribution to the work of the Commission during a period of intense change affecting regulation of the building society sector. He will bring to the FSA valuable expertise on the vitally important year 2000 issue."
NOTES TO EDITORS
1. Carol Sergeant joined the Bank of England in 1974 and worked in various divisions before becoming Head of Major UK Banks Supervision in 1993. Responsibility for the supervision of banks transferred from the Bank to the FSA on 1 June 1998.
2. Shaun Mundy became Head of the FSA's UK Banks Department in June 1998. Prior to that he had been Head of Authorisation and Supervision at the Personal Investment Authority. He had previously worked at the Home Office, Cabinet Office and LAUTRO.
3. Before joining the Commission Martin Owen worked at OFTEL and the Securities and Investments Board (SIB). Prior to joining SIB, he worked at the Department of Trade and Industry and the Cabinet Office.