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

The Chief Secretary, Alistair Darling today announced that the Treasury and the Governor of the Bank of England are appointing Mr Keith Oates to the Board of the Financial Services Authority (FSA).

Mr Oates will be appointed as Director for a three year term.

The appointment will take effect from today.

The Chief Secretary said:

"We are determined that the FSA Board should be broad based and reflect the modern British financial services industry. Mr Oates' experience in the retail sector will be a valuable addition to the Board."

Further appointments will be made in due course.

Notes for editors

1. Biographical details: Keith Oates has been Executive Deputy Chairman of Marks and Spencer plc since July 1994. He is and has been Chairman of all the Marks and Spencer Financial Services Companies since the first was founded in 1985. Marks and Spencer Financial Services currently consists of the Group's Chargecards, Personal Loans, Unit Trusts, Life and Pensions products.

He is a Non Executive Director of British Telecommunications plc and Diageo plc (the merged company of Guinness and Grand Metropolitan) where he is Chairman of the Audit Committee. He is a member of the CBI Council and the English Sports Council. He was a BBC Governor from 1988 to 1993.

2. Mr Oates' appointment is 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 interest of the public.

3. 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.

4. All Board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations.

5. 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 the 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.