New Non-Executive Directors of the FSA

The Financial Secretary to the Treasury Stephen Timms today announced that Karin Forseke and Michael Slack have been appointed Non-executive Directors of the FSA.

Mr Timms said:

“I am delighted to announce these appointments. Karin Forseke is a leading international investment banker who will offer a broad range of experience in capital markets and strategic and operational planning. The appointment of Michael Slack will bring a considerable knowledge of small financial services businesses to the Board as well as extensive experience in general insurance”.

FSA Chairman Callum McCarthy said:

“I am delighted to welcome Karin and Michael to the Board. They will ensure that we continue to have a strong and varied Board with wide and relevant experience. I would like to thank Gill Nott, Shamit Saggar and Moira Black, who are leaving the Board, for all that they have done for the FSA in recent years."

Karin Forseke and Michael Slack will take up their appointments on 1 December 2004.

Notes to Editors

1. Biographical details:

Karin Forseke is CEO of D. Carnegie & Co AB, an independent Nordic investment bank. She was previously Chief Operating Officer of LIFFE and has extensive experience in different roles in financial markets in the US, UK and Sweden.

Michael Slack is Chairman of: Road Runner Motor Trade Ltd, Motor Trade Solutions Ltd, Road Runner Select Ltd, Liability Insurance Solutions Ltd, Self Drive Insurance Solutions Ltd, Temporary Cover Ltd. These will shortly be grouped in Fyfe Group Ltd. Mr Slack is also on the board of the General Insurance Standards Council, founder and Chairman of the Association of Insurance Intermediaries and Brokers (AIIB) and a member of the board of the British Insurance Brokers’ Association (BIBA).

2. Gillian Nott, OBE, Professor Shamit Saggar and Moira Black, CBE, will retire from the Board on 30 November 2004 after six years’ service.

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 (OCPA).

4. Board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations. A list of the current membership of the Board of the FSA is attached.

5. FSA Non-executive Directors are appointed initially for three years and are paid a fee of £22,500.

6. Media enquiries should be addressed to Will Straw at the Treasury press office on 020 7270 4420.

7. Non-media enquiries should be addressed to the Treasury Correspondence and Enquiry Unit on 020 7270 4558 or by e-mail to public.enquiries@hm-treasury.gov.uk.

8. This press release and other Treasury publications and information are available on the Treasury website at www.hm-treasury.gov.uk. If you would like Treasury press releases to be sent to you automatically by e-mail you can subscribe to this service from the press release site on the website.

List of Board Members:December 2004

Callum McCarthy	Chairman
Dame Deirdre Hutton CBE	Deputy Chairman ; Chairman, National Consumer Council; Member of Better Regulation Task Force
John Tiner	Chief Executive, FSA
Clive Briault	Managing Director, Retail Markets, FSA
James Crosby	Chief Executive, HBOS plc; Non-executive Director, Granada plc
Tom de Swaan	Member of the Managing Board, ABN AMRO Bank NV
Karin Forseke	CEO, D. Carnegie & Co AB
Kyra Hazou	Formerly Managing Director and Regional General Counsel, Salomon Smith Barney/Citibank
David Kenmir	Managing Director, Regulatory Services, FSA.
Sir Andrew Large	Deputy Governor (Financial Stability), Bank of England
Professor David Miles	Chief UK Economist, Morgan Stanley, London
Hector Sants	Managing Director, Wholesale and Institutional Markets, FSA
Michael Slack	Chairman, Fyfe Group Ltd.
Hugh Stevenson	Chairman, Equitas Ltd; Chairman, Merchants Trust Plc
Steve Thieke	Chairman, RiskMetrics Group (USA)
Clive Wilkinson	Chairman, Birmingham Heartlands NHS Trust; Chairman, Midlands Industrial Assoc.