Newsroom & speeches
109/06
18 December 2006
The Economic Secretary to the Treasury, Ed Balls, today announced the following changes to the membership of the Board of the Financial Services Authority (FSA):
Ed Balls said:
"I am delighted to announce the appointment of Peter Fisher and Brian Flanagan to the Board of the FSA. Peter Fisher is a leading industry practitioner with knowledge and experience of international financial markets, regulation, supervision and public policy. Brian Flanagan will bring considerable business experience in a highly consumer focussed area to the Board. These new appointments will add to the breadth of experience represented on the Board and will strengthen the FSA.
I am also delighted to be able to re-appoint James Crosby and to extend Deirdre Hutton's current term by one year so that they can continue to work with Callum McCarthy and their fellow directors to deliver the FSA's move towards more principles based regulation.
I would also like to thank Tom de Swaan, Kyra Hazou and Clive Wilkinson for their contribution to the development of the FSA over the last six years, including their work on the Board's Risk and Audit Committees."
Financial Services Authority Chairman, Callum McCarthy, said:
"The FSA is delighted with these appointments. We will continue to benefit from the contribution of Deirdre and James and the appointment of Peter and Brian will expand the experience and expertise available to the Board as it deals with the challenges ahead.
I am extremely grateful to Tom, Kyra and Clive for the help they have given me and my predecessor as Chairman over the last six years. They have provided individual expertise and a wide understanding of the issues with which the FSA deals, which has been of great benefit to the Board and the executive."
1. Peter Fisher is a former Under Secretary at the US Treasury and Executive Vice President of the Bank of New York Federal Reserve. In 2003, he moved to BlackRock Financial Management Inc., where he has had an opportunity to apply his expertise directly within a large-scale and rapidly growing commercial organisation.
2. Brian Flanagan is a Non-executive Director of William Morrison Supermarkets PLC and former Vice President of Business Transformation at Mars Inc.
3. Dame Deirdre Hutton is Chair of the Food Standards Agency and Vice Chair of the European Food Safety Authority. Deirdre was formerly Chair of the National Consumer Council and the Scottish Consumer Council.
4. Sir James Crosby is a Non-executive Director of ITV plc, a Fellow of the Faculty of Actuaries and the Chair of the Public Private Forum on Identity Management. He was formerly Chief Executive of HBOS Plc.
5. Tom de Swaan is a Non-executive Director of Glaxo Smith Kline, Zurich Financial Services and Royal Ahold and formerly Chief Financial Officer of ABN AMRO Bank NV.
6. Kyra Hazou is a former Managing Director and Regional General Counsel of Salomon Smith Barney/Citibank.
7. Clive Wilkinson is Chairman of the Heart of England NHS Foundation Trust.
8. The Board of the FSA is appointed by the Treasury in line with the Code of Practice issued by the Commissioner for Public Appointments.
9. The FSA Board makes strategic decisions affecting the future operation and resourcing of the FSA and has oversight of the discharge by the executive of day to day management of the business.
10. FSA Board members are appointed in a personal capacity and do not serve as representatives of particular interests or associations. A list of the current member of the Board of the FSA is attached.
11. Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.
12. For FSA inquiries please contact: Robin Gordon-Walker on 020 7066 3324.
13. 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
14. This press release and other Treasury publications and information are available on the Treasury website athttp://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.
| Sir Callum McCarthy | Chairman | Joined the FSA in September 2003 from the Office of Gas and Electricity Markets where he was Chairman and Chief Executive. |
| Dame Deirdre Hutton | Deputy Chairman Non-executive Board member | Joined the FSA Board in December 1997 and was appointed Deputy Chair on 1 April 2004. She is Chair of the Food Standards Agency and Vice Chair of the European Food Safety Authority and a former Chair of the National Consumer Council and the Scottish Consumer Council. Deirdre was a member of the Better Regulation Task Force until June 2005. |
| John Tiner | Chief Executive Officer | Appointed FSA Chief Executive in September 2003. He joined the FSA in April 2001 as Managing Director of Consumer, Investment and Insurance Directorate following a broad-ranging career at Arthur Andersen. |
| Clive Briault | Managing Director, Retail Markets | Appointed Managing Director of Retail Markets in April 2004. He has overall responsibility for the FSA's extensive retail agenda and regulation of firms or groups whose business is predominantly at the retail end of the market. |
| Sir James Crosby | Non-executive Board member | Joined the FSA Board in January 2004. He is also a Non-executive Director of ITV plc, a Fellow of the Faculty of Actuaries and the Chair of the Public Private Forum on Identity Management, and was formerly Chief Executive of HBOS Plc. |
| Karin Forseke | Non-executive Board member | Joined the FSA Board in December 2004. She was Chief Executive of D. Carnegie & Co AB from 2003 until March 2006. |
| John Gieve(ex-officio post) | Non-executive Board member | Joined the FSA Board when he became Deputy Governor, Financial Stability of the Bank of England in January 2006. He is a member of the Bank's Monetary Policy Committee, and in addition has specific responsibility for the Bank's work on Financial Stability issues. Before joining the Bank of England He was the Home Office Permanent Secretary from April 2001. |
| Kyra Hazou | Non-executive Board member | Joined the FSA Board in January 2001. She is a former Managing Director and Regional General Counsel of Salomon Smith Barney/Citibank. Retires in January 2007 |
| David Kenmir | Managing Director, Regulatory Services | Appointed Managing Director of Regulatory Services in April 2004. He leads in the provision of a range of services to consumers, existing firms and firms seeking authorisation, as well as meeting the FSA's own operational requirements in areas such as IT and knowledge management. |
| Professor David Miles | Non-executive Board member | Appointed a non-executive Director of the FSA in April 2004. He became Managing Director and Chief UK Economist at Morgan Stanley in October 2004 and retains the role of visiting Professor of Financial Economics at Imperial College, University of London. |
| Hector Sants | Managing Director, Wholesale and Institutional Markets | Joined the FSA as a Managing Director in May 2004 from Credit Suisse First Boston. He is responsible for the FSA's regulation of the wholesale and institutional markets. |
| Michael Slack | Non-executive Board member | Joined the FSA Board in December 2004. He is Chairman of the Fyfe Group and a member of the British Insurance Brokers' Association (BIBA). |
| Hugh Stevenson | Non-executive Board member | Joined the FSA Board in June 2004. He is Chairman of Equitas Limited, Chairman, Merchants Trust plc and a non-executive director of Standard Life Assurance Co. |
| Tom de Swaan | Non-executive Board member | Joined the FSA Board in January 2001. He is a Non-executive Director of Glaxo Smith Kline, Zurich Financial Services and Royal Ahold and formerly Chief Financial Officer of ABN AMRO Bank NV. Retires in January 2007 |
| Clive Wilkinson | Non-executive Board member | Joined the FSA Board in January 2001. He is Chairman of the Heart of England NHS Foundation Trust. Retires in January 2007 |
