Appointments to the Board of the Financial Services Authority (FSA)

The Chief Secretary, Stephen Byers, today announced four appointments to the Board of the Financial Services Authority (FSA).

Ms Moira Black CBE, Mrs Gillian Nott, Dr Shamit Saggar and Mr Keith Whitson have been appointed as non-executive Directors for three year terms.

The Chief Secretary said:

"The task faced by the Authority in implementing the reforms of financial services regulation as set out in the Financial Services & Markets Bill is a demanding and difficult one. I know that the Board will meet this challenge with enthusiasm and determination.
These new appointments will add to the breadth of experience represented on the Board and will strengthen the position of the FSA."

These appointments are made under the Financial Services Act 1986 as amended by the Bank of England Act 1998. They strengthen the process begun last year to create a broadly-based dynamic Board which can 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. Ms Black, Mrs Nott and Dr Saggar are appointed as non-practitioners in the interests of the public. Mr Whitson brings banking experience.

Notes for 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 appointed by the Treasury.

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 1997 from the Securities and Investments Board (SIB), currently exercises powers under the Financial Services Act 1986. It took on responsibility for banking supervision under the Bank of England Act 1998. It will take on responsibility for building societies, friendly societies and insurance when the Financial Services and Markets Bill becomes law.

5. Biographical details:

Moira Black is Chairman of the Riverside Community Health Care NHS Trust and the English Advisory Committee on Telecommunications, a Trustee of the Royal Botanic Gardens, Kew and a governor of the University of North London. She was formerly a partner in Price Waterhouse and has served on the panels of the Insolvency Practitioners and Financial Services Tribunals.

Gillian Nott is currently Chief Executive of ProShare (UK) Ltd, a member of the Pensions Education Working Group and on the Company Law Review Consultative Committee. She is also a non-executive director of several companies, including Baronsmead VCT plc, Baronsmead VCT 2 plc and H W Group plc. Until recently she was Chairman of the Personal Finance Education Group.

Shamit Saggar is a senior lecturer in government at Queen Mary & Westfield College, University of London, with a particular interest in financial services in inner urban areas. He is a Board member of the National Consumer Council (including chairman of the NCC Public Services Committee), a non-executive Board member of the Whittington Hospital NHS Trust and a Governor of the Peabody Trust.

Keith Whitson is currently Group Chief Executive of HSBC Holdings plc. He joined The Hong Kong and Shanghai Banking Corporation in 1961 and has worked for the HSBC Group in the UK (including as Midland's Chief Executive), USA, Germany, Hong Kong, Malaysia and Indonesia. Mr Whitson is also the current Chairman of Young Enterprise Ltd and a Trustee of Crimestoppers Trust.