132/02
12 December 2002
CHAIRMAN OF THE FINANCIAL SERVICES AUTHORITY
The London School of Economics and Political Science (LSE) has today announced that Sir Howard Davies, currently Chairman of the Financial Services Authority, will become the LSE’s Director on 1st October 2003.
Commenting on Sir Howard’s appointment, the Chancellor, Gordon Brown said:
“I warmly congratulate Sir Howard on his appointment to be the next Director of the LSE. I would especially like to thank him for his outstanding leadership of the FSA over the past five years. From nine constituent bodies, he has successfully established a single organisation responsible for regulating the UK’s deposit-taking, insurance and investment businesses. That the FSA is now widely acknowledged as a world leader in its field is very largely thanks to Sir Howard’s drive and vision.”
Arrangements will now be put in place for the appointment of Sir Howard’s successor before October 2003.
Notes to Editors
1. Sir Howard Davies initially became Chairman of the Securities and Investments Board on 1 August 1997, which on 28 October 1997 was renamed the Financial Services Authority. In March of this year, his appointment as Chairman of the FSA was extended until 31 January 2004.
2. Sir Howard will continue at the FSA until his successor is appointed and takes up his post. This will happen before October 2003 when Sir Howard will move to the LSE.
3. The Board of the FSA is appointed by the Treasury in accordance with the rules of the Office of the Commissioner for Public Appointments.
4. The FSA became the statutory single financial services regulator at midnight on 31 November 2001, when the Financial Services and Markets Act commenced.
5. Media requests for further information should be addressed to the Treasury press office, tel. 020 7270 4420.