New Non-Executive Directors to the FSA board

The Chancellor of the Exchequer, Gordon Brown, today announced that James Crosby and David Miles have been appointed Non-executive Directors of the FSA.

Gordon Brown said:

“ I am delighted to announce these appointments. James Crosby is a leading industry practitioner with a wealth of experience in banking, fund management and the insurance field, and will bring a new perspective to the Board. The appointment of David Miles, a leading financial economist, will add a new set of skills to the FSA Board”.

Callum McCarthy, Chairman of the FSA Board, said:

“I am delighted to welcome James and David to the Board and it is also excellent news that Kyra Hazou, Tom de Swaan and Clive Wilkinson are carrying on for further terms. These appointments and reappointments mean that we will continue to have a strong, effective and varied Board with an all-round high-level focus including the practitioner, consumer, regulatory and academic viewpoints”.

Following the usual confirmatory processes, James Crosby is expected to take up his appointment in mid-January and David Miles will take up his appointment following completion of his review into the provision of fixed rate mortgages in the UK. Kyra Hazou, Tom de Swaan and Clive Wilkinson have been reappointed as Non-executive Directors, for a further three years from 19 January 2004.

NOTES TO EDITORS

Biographical Details

1. James Crosby is Chief Executive of HBOS plc and was previously Chief Executive of Halifax plc before its merger with the Bank of Scotland. Prior to joining the Halifax he worked at Scottish Amicable. He is a Non-executive Director of Granada plc. He is a member of the Financial Services Practitioner Panel but will be standing down from that post.

2. Prof David Miles is Professor of Finance at the Business School, Imperial College, London University. Previously he was Chief UK Economist at Merrill Lynch and was an Economic Adviser at the Bank of England.

3. Kyra Hazou, Tom de Swaan and Clive Wilkinson were originally appointed to the FSA Board on 20 January 2001. Kyra Hazou was formerly Managing Director and Regional General Counsel of Salomon Smith Barney/Citibank.

4. Tom de Swaan is Chief Financial Officer of ABN AMRO. He was previously Executive Director in charge of Banking Supervision at the Dutch Central Bank and in that capacity served as Chairman of the Joint Forum on Financial Conglomerates and the Banking Supervisory Committee of the European Monetary Institute. He also chaired the Basel Committee on Banking Supervision.

5. Clive Wilkinson is Chairman of the Birmingham Heartlands NHS Trust. He was formerly Chairman of OFWAT Central Customer Services Committee and Chairman of Wolverhampton Health Care NHS Trust. He was also previously a member of the Audit Commission, the Local Government Commission, the Electricity Consumer’s Council and Leader of Birmingham City Council. He is Chairman of Birmingham Civic Housing Association and Chairman of the Midlands Industrial Association and a Trustee of Bourneville Village Trust.

6. The Board of the FSA is appointed by the Treasury in accordance with the rules of the Office of the Commissioner for Public Appointments.

7. 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.

8. If you have access to the internet, you can find this news release and other Treasury material on the Treasury website.

9. Media requests for further information should be addressed to Simon Moyse in the Treasury Press Office, tel. 020 7270 4420.

LIST OF CURRENT BOARD MEMBERS: DECEMBER 2004

Callum McCarthy	Chairman
Stewart Boyd(until March 2004)	Deputy Chairman, Bencher, Middle Temple
John Tiner	Chief Executive Officer, FSA
Moira Black, CBE	Chairman, Consumer Communications for England; Director NW London Hospital NHS Trust; Chairman, Lottery Commission
James Crosby (from January 2004)	Chief Executive, HBOS plc; Non-executive Director, Granada plc
Tom de Swaan	Member of the Managing Board, ABN MRO Bank NV
Kyra Hazou	Formerly Managing Director and Regional General Counsel, Salomon Smith Barney/Citibank
Michael Foot	Managing Director, Deposit Takers & Markets Directorate, FSA
Deirdre Hutton CBE	Chairman, National Consumer Council; Member Better Regulation Task Force
Sir Andrew Large	Deputy Governor, (Financial Stability) Bank of England
Prof David Miles (from Spring 2004)	Professor of Finance at the Business School, Imperial College, London University
Gillian Nott, CBE	Chairman, Baronsmead Venture Capital Trust plc; Director, Foreign & Colonial Pacific Investment Trust Ltd
Dr Shamit Saggar	World Fellow at Yale University
Steve Thieke	Chairman, RiskMetrics Group (USA)
Clive Wilkinson	Chairman, Birmingham Heartlands NHS Trust; Chairman, Midlands Industrial Assoc.