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HM Treasury

Newsroom & speeches

129/07

20 November 2007

Changes to the Financial Services Authority Board

It was announced today that Dame Deirdre Hutton will step down from the board of the Financial Services Authority (FSA) when her current term of appointment ends in December. She will be succeeded as Deputy Chairman and Chairman of the FSA's Committee of Non-executive Directors by Sir James Crosby.

The Economic Secretary to the Treasury, Kitty Ussher MP said:

“I am pleased to announce James Crosby’s appointment as Deputy Chairman and Chairman of the Committee of Non-executive Directors. I want to pay tribute to the major contribution made by Deirdre Hutton as a member of the FSA board. By the time she steps down, Deirdre will have been a Non-executive Director for ten years and Deputy Chairman for more than three years.”

FSA Chairman Callum McCarthy said:

"We have been very fortunate to have Deirdre as our Deputy Chairman and I would like to pay tribute to Deirdre’s significant contribution to the FSA over a number of years. I am delighted that James will become Deputy Chairman from 11 December and I am confident that James will prove a very worthy successor to Deirdre."

Notes to editors

1. The FSA is a company limited by guarantee. The Board is appointed by the Treasury in accordance with the rules of the Office of the Commissioner for Public Appointments.

2. The majority of the Board members are non-executive. In addition to the Chairman and Chief Executive, there are currently three Managing Director posts (one currently vacant) and nine non-executive members of the Board.

3. The statutory role of the Non-executive directors under the Financial Services and Markets Act 2000 is to check that the FSA operates efficiently and economically; oversee FSA’s mechanisms of financial control and to set the pay of the executive members of the Board. A committee of the Board, consisting solely of the non-executive members, is set up and maintained for the purposes of discharging these functions. The chairman of this committee is appointed by the Treasury from among its members.

4. Deirdre Hutton joined the FSA Board in December 1997 and was appointed Deputy Chairman on 1 April 2004. She is Chair of the Food Standards Agency and member of the European Food Safety Authority Management Board. Formerly Deirdre was Chair of the National Consumer Council, the Scottish Consumer Council and the Personal Investment Authority Ombudsman Bureau. Deirdre was also a member of the Better Regulation Task Force until June 2005.

5. James Crosby is a Non-executive Director of Compass Group plc and ITV plc. Formerly Chief Executive of HBOS plc he is also a Fellow of the Faculty of Actuaries. James joined the FSA Board in January 2004.

6. A new Non-executive Director will be appointed to replace Deirdre Hutton in due course.

Current FSA board members

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 CBE 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 a member of the European Food Safety Authority Management Board. Formerly Deirdre was Chair of the National Consumer Council, the Scottish Consumer Council and the Personal Investment Authority Ombudsman Bureau. Deirdre was also a member of the Better Regulation Task Force until June 2005.
Hector Sants Chief Executive Appointed FSA Chief Executive in July 2007. He joined the FSA in May 2004 as Managing Director, Wholesale and Institutional Markets at the Financial Services Authority. Hector had responsibility for all regulated markets, the related infrastructure such as clearing and settlement, the operation of the UK Listing rules and regulation of firms or groups which conduct primarily wholesale or institutional market business between professionals.
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.
David Kenmir Managing Director, Regulatory Services Appointed Managing Director for 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.
Vacant Managing Director, Wholesale and Institutional Markets
Sir James Crosby Non-executive Board member Joined the FSA Board in January 2004. He is a Non-executive Director of ITV plc, and Compass Group Plc. Formerly Chief Executive of HBOS plc, he is also a Fellow of the Faculty of Actuaries.
Peter Fisher Non-executive Board member Joined the FSA Board in January 2007. He is currently a Managing Director of BlackRock, Inc., and Chairman of BlackRock Asia.
Brian Flanagan Non-executive Board member Joined the FSA Board in January 2007. He is a Non-executive Director of WM Morrison plc, Jet Environmental Techniques Limited and Personal Navigation Systems Limited and was formerly a Vice President of Mars Inc.
Karin Forseke Non-executive Board member Joined the FSA Board in December 2004. She was Chief Executive Officer of Carnegie Investment Bank AB from 2003 until March 2006.
Sir John Gieve Non-executive Board member (ex-officio post 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 Sir John was the Home Office Permanent Secretary from April 2001.
Professor David Miles Non-executive Board member Joined the FSA Board in April 2004. David became Managing Director and Chief UK Economist at Morgan Stanley & Co Ltd in October 2004 and retains the role of visiting Professor of Financial Economics at Imperial College, University of London.
Michael Slack Non-executive Board member Joined the FSA Board in December 2004. He is Chairman of the Fyfe Group Ltd and a Director 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, The Merchants Trust Plc and a non-executive director of Standard Life Plc. He is also Chairman of the FSA Pension Plan Trustee Ltd.

7. Media enquiries should be addressed to the Treasury Press Office on 020 7270 5238.

8. 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

9. This press release and other Treasury publications and information are available on the Treasury website. 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.

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